GameStop shares soared yet again on Thursday after more than tripling over the past couple days. Just like last time, investors are creating buzz around the company’s stock through sites like Reddit, all despite the fact that GameStop hasn’t been profitable recently. The retail stores sales plummeted 30% in the 3rd quarter of 2020 alone.
Nonetheless, that isn’t deterring investors from doing their thing as GameStop shares jumped from $66 to $158.21 this morning. Reddit investors also field the rise in stock of other companies like AMC entertainment (up 16%) and headphone maker, Koss (up 85%).
The early stock activity in January has already incited Congress to hold a hearing on the matter, and, furthermore, forced the trading app and company, Robinhood, to halt purchases of GameStop stock. An action that angered many of its customers.
The climb continues and Redittors on the WallStreet Bets message board continue to encourage each other to continue buying. The intriguing trend further frustrates Wall Street investors who initially project the stock to fall but then are forced to buy back in when it in fact goes the other direction.