Shares of GameStop Corp. kept going up on Wednesday, rising 2% in premarket trades after going up 2.2% on Tuesday.
Shares of GameStop (GME 1.85%) closed Monday’s trading up 6.3%. According to Dow Jones Market Data, the stock has gone up for three straight trading sessions and five of the last six sessions.
Not since November 18, when it said Nat Turner would be joining the board of directors, had the company put out a press release. That is, until late Tuesday, when the original meme-stock said that its third-quarter results would be on December 10.
No matter what, Stocktwits, a social network for buyers and traders, says that GameStop is up more than 50% in the last month.
Stocktwits’ Director of Community Noor Al told MarketWatch on Tuesday that there is “a lot of discussion” on the site about GameStop. The stock is currently ranked No. 4 on Stocktwits’ list of the most-active stocks. He also said that GameStop was at the top of the list earlier, near the start of the day.
“We asked our users in a post whether GME is starting a new squeeze or just a pump. In just five hours, 2,300 people voted, and 60% said yes, a new squeeze is building,” Al said.Al told MarketWatch, “We also asked our users to interact with a post if they were holding GME. In just four hours, we got 800 likes, which is a lot from a single post.”
The number of short positions as a part of GameStop’s public float is 8.2%. There are 21.67 million shares in trade, which is more than the average of 10.12 million shares over the last 65 days.
After Keith Gill, also known as Roaring Kitty, an important trader, came back to social media earlier this year, GameStop’s stock went through the roof. Gill played a big role in the meme-stock craze of 2021, which sent shares of GameStop and AMC Entertainment Holdings Inc. AMC 3.54% through the roof.
The trader talked about his GameStop stock in a livestream on YouTube on June 7 that got a lot of attention. It was his first livestream in three years. Gill said he still “believes” in GameStop and talked about what he saw as a “overemphasis” on the store’s old business. Before he talked about GameStop CEO Ryan Cohen, he said, “They are in the transformation stage.” Gill also said, “I think this guy might be able to do it.”
Cohen was one of the founders and previous CEO of the online pet store Chewy Inc. CHWY -2.11%. In September 2023, he was named CEO of GameStop, which was the next step in his plan to bring the store back to life.
But Roaring Kitty hasn’t written on X since September 6, when he made a vague post that many people took to be about Chewy. A regulatory report the next month showed that Gill had sold his Chewy stake.
In 2024, GameStop stock is up 73%, which is more than the 26.2% gain in the S&P 500 index (SPX -0.38%).
