GameStop stock surges to highest point since January, market cap tops $17 billion

Dow Jones2021-03-10

GameStop up 108% this week after Chewy co-founder Ryan Cohen joins new strategy committee.

Shares of GameStop Corp. shot higher again Tuesday, closing at its highest point since the end of January and pushing its market cap back above $17 billion.

After plunging about 90% from its highs of the meme-stock-buying frenzy in January, GameStop stock $(GME)$ has skyrocketed more than 108% in the past five trading sessions, including Tuesday's 27% gain. Shares closed Tuesday's regular session at $246.90, off from a record close of $347.51 on Jan. 27, and were up another 3% in after-hours trading.

GameStop shares are up more than 1,200% year to date, and more than 5,700% over the past 12 months.

Shares started spiking again Monday after GameStop announced a new strategy committee co-founder Ryan Cohen.

Late Tuesday, GameStop said it will report fourth-quarter and fiscal-year earnings after the market closes March 23.

Earlier in the day, the Senate Banking Committee started hearings into financial speculation and the easy-trading practices of Robinhood and other zero-commission firms that, combined with chatter from Reddit forums, helped fuel the historic buying of heavily shorted stocks -- such as GameStop and AMC Entertainment Inc. -- earlier this year.

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