GameStop shakes revenue slump, climbs 50% to smash recent slide

GameStop snapped a five-day losing streak with a significant push on Thursday, as the retail company’s shares rose more than 50% and showed their wild swings are not over yet.

The stock fell 33% in the previous session after the company reported disappointing fourth quarter results and did not give in-depth details on its recovery plans. The company also revealed that it plans to sell more shares.

It was the fifth consecutive negative day for the stock after closing nearly $ 210 per share on March 17. Shares rose 52.7% to close at $ 183.75 on Thursday.

There was no apparent news that motivated Thursday’s price action. GameStop has been the most prominent “stock meme,” which is popular among retail traders on Reddit and other social media platforms.

GameStop soared above $ 400 a share in January before falling about 90% in less than a month.

Other popular Reddit trades also rebounded higher on Thursday, with Koss climbing 57% and AMC Entertainment gaining 21%.

GameStop is a traditional retailer trying to get into e-commerce, led in part by Ryan Cohen, board member and co-founder of Chewy. Most recently, the company hired Jenna Owens, a former Amazon and Google executive, as the new chief executive.

The company, which has been largely silent about the sharp swings in its stock price this year, has seen several management positions turn around as the company prepares for its transition.