GameStop action climbs to nearly $ 200 in Monday market rally

GameStop Stock surged on Monday, closing at $ 194.50, a 41% increase from its opening price. The rise coincided with the rise in the stock market after the passage of the COVID relief bill Saturday in the Senate and announces that the company is developing a new e-commerce strategy with Chewy.com founder Ryan Cohen at the helm.

Cohen, who made a significant investment in the video game retailer last year, will lead a committee tasked with developing initiatives to transform GameStop, the company said in a press release Monday. The objective will be to make the company a technology company and to seek areas in which it can improve on this aspect.

GameStop shares have skyrocketed end of January thanks to a push by traders on the r / WallStreetBets subreddit, peaking at around $ 480. It’s been since continued to decline, losing much of its value.

Shares rallied a bit in late February after news of the resignation of Jim Bell, the retailer’s chief financial officer, was announced. Bell did not leave the company voluntarily, according to Business Insider. He was reportedly kicked out by the board for lack of faith and an initiative to reshape the business by Cohen.

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