UPDATE 1-GameStop tumbles nearly 20% as retail-driven surge dies down-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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UPDATE 1-GameStop tumbles nearly 20% as retail-driven surge dies down

Reuters2021-02-10

(Adds quote)

By David Randall

NEW YORK, Feb 9 (Reuters) - Shares of video game retailer GameStop tumbled nearly 20% Tuesday to their lowest levels since the start of a retail investor-led surge that echoed across Wall Street.

Investors who followed the popular Reddit forum WallStreetBets helped push shares of GameStop to a closing high of $347.51 on Jan. 27 as part of a strategy to squeeze hedge funds that had taken a short bet on the retailer. Since then, GameStop has tumbled about 85% to near $40 a share.

The discussion of the stock was notably muted on Reddit as shares fell Tuesday.

"This really is like a party that's dying down," one user wrote

Other Reddit favorites tumbled alongside GameStop, with AMC Entertainment Holdings Inc shedding nearly 12% and BlackBerry Ltd dropping nearly 4%. The benchmark S&P 500

was flat in afternoon trading.

The average price target of analysts tracked by Refinitiv on the company is $13.44.

(Reporting by David Randall; Editing by Nick Macfie and Nick Zieminski)

((David.Randall@thomsonreuters.com; 646-223-6607; Reuters Messaging: david.randall.thomsonreuters.com@reuters.net))

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Kehao
·2021-02-10
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WeTheCommoners
·2021-02-10
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