GameStop stock has stopped so much. This did not stop the Selloff.

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GameStop

stock suddenly fell on Monday morning, which came to a halt for a short time due to volatility. The stock fell more than 15% to as low as $ 223.00, bounced back and then fell even lower.

Shares of video game retailer GameStop (ticker: GME) fell back to their level in late January this month. At the end of the year, GameStop’s shares fell 17% to $ 220.13.

The company said last week

Tough

(CHWY) co-founder Ryan Cohen and former Chewy CEO Alan Attal have been joined by Kurt Wolf, board member and chief investment officer of activist investor Hestia Capital Management, in a new board committee aimed at GameStop. to transform a technology enterprise.

Cohen started GameStop’s run by building a 13% stake in 2020 and encouraged the company to turn more to e-commerce offerings. He joined the board in January with two partners and sent GameStop shares parabolically in the weeks that followed. Analysts have pointed to the activities of speculative options and the closing of some aggressive clumsy bets of hedge funds.

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GameStop announced the planned departure of CFO Jim Bell last month. A person familiar with the matter told Barron’s at the moment that the company thought it was the right time and was looking for a new CEO with a technological background.

GameStop’s latest run began after a February 18 congressional hearing on the trading of its shares and Robinhood. The trial includes an appearance by Keith Gill, the YouTube personality known as RoaringKitty, who has developed a following for his successful long position in GameStop share dating back to 2019; Gill revealed in a report on February 19 that he had doubled his GameStop ownership.

While some analysts have been raised about the outlook for the company’s turnaround, the highest price target FactSet cites is $ 33. perennial benefits of the transformation. “

The company said it would report its fiscal quarter results next week. Like other so-called meme stocks favored by retailers, such results pose a risk to the sky-high run. It was said that trying to name a short-term top for GameStop was a fool’s errand, especially for short-sellers who have an unlimited downside.

Write to Connor Smith at [email protected]