With all the doom and gloom surrounding GameStop here over the last year or so, I figured I'd share this information.
Key Takeaways:
PLEASE READ THIS BEFORE COMMENTING
Key Takeaways:
- Ryan Cohen, owner of Chewy.com, had a substantial take in the company and was recently elected to the Board of Directors
- Massive short squeeze imminent (happening now)
- Stock was up 90% today
A rush of short covering and day trading fueled a record stock surge for GameStop Corp. just days after the addition of activist investor and Chewy Inc. co-founder Ryan Cohen to the video-game retailer's board.
The Grapevine, Texas-based company spiked a record 94% Wednesday as retail investors flocked to the struggling company. Traders betting on Cohen's plans to transform the chain in the image of his highly successful Chewy helped fuel the now three-day rally with the stock shaking off years of underperformance.
GameStop shares have climbed as much as 118% in the three days since news of Cohen's addition to the board and reached the highest price since November 2015. Short interest in GameStop remains near recent highs, with 138% of shares available for trading currently sold short, data compiled by S3 Partners shows.
Cohen's spot on the board, along with two other former Chewy colleagues, was well-received by Wall Street analysts, with Telsey's Joseph Feldman in a Tuesday note saying the trio will "make GameStop a more digitally focused retailer."
PLEASE READ THIS BEFORE COMMENTING
GameStop (GME) Stock Surges Amidst New Board, Short Squeeze [Read Threadmarks] News
Man this is beyond words awesome. Congrats haha
www.resetera.com
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