GameStop Stock Rises to Nearly $400 Again, and We Don’t Know Why!
Like in January, where Reddit users worked together to mess with the financial markets—to a great deal of success—stocks in GameStop have seen a massive surge in the last week, rising close to $400. Considering that their ‘true’ value is somewhere around the $40 mark, it must be great news for GameStop themselves.
But why has this previously-in-trouble bricks and mortar computer game shop seen such a surge in interest now? The first jump was really a matter of luck. Just the right company at the right time and place to see some clever stock market play. Does this second gravity-defying leap show yet more clever trading, or is it down to more traditional, business reasons?
GameStop has just announced the forming of a committee, led by seasoned investor Ryan Cohen, dedicated to focusing on making a strong move into e-commerce – something the business was missing, causing them great trouble in a world of lockdowns. With this new path before them, perhaps they can leverage all these bizarre stockmarket goings-on and come out of it a healthier and stronger company, providing gamers with a new online presence that helps the market.