GameStop shares end slightly higher after roller coaster ride

by



[ad_1]

GameStop Retail Store

Getty Images

GameStop Stock saw highs and lows on Thursday before closing at $ 108.73 per share, an 18% gain for the day. It came after stocks jumped more than 100% on Wednesday.

It is still unclear why the jump was made, but this latest GameStop share price volatility comes after the news on Tuesday of the resignation of Jim Bell, the retailer’s chief financial officer. Bell will resign from GameStop on March 26, the company said in a statement. Diana Jajeh, current senior vice president of GameStop, will serve as interim CFO while the company seeks a permanent replacement.

Bell did not leave the company voluntarily, according to Business Insider. He was reportedly pushed by the board due to a lack of faith and an initiative to reshape the company by Ryan Cohen, co-founder of Chewy, who made a significant investment in the video game retailer Last year.

Cohen tweeted an image of an ice cream cone on Wednesday. While it doesn’t seem to matter, it came just as GameStop’s stock started to rise.

Hedge funds that took short positions in GameStop’s stock in hopes that its value would continue to fall may have looked for aspirin. Short sellers lost $ 818 million on bets made against the company on Wednesday, financial analysis firm Ortex said Thursday.

The video game retailer has seen its price skyrocket end of January thanks to a push by traders on the r / WallStreetBets subreddit, peaking at around $ 480. It’s since continued to decline, losing much of its value.



[ad_2]

Source link