GameStop stock continues to climb after Wednesday’s rally

GameStop Stock the prize again seems to be on a roller coaster ride. The stock rebounded Thursday morning after a sell off when markets opened a high at $ 184. It came after a big day as stocks jumped more than 100% on Wednesday.

This latest volatility in GameStop’s share price comes after the announcement 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 did come as GameStop’s stock started to rise.

While the reason for the rise in stock prices is still unclear, hedge funds that took short positions in GameStop’s stock in hopes of continuing to fall in value could find themselves losing. their bets. Short sellers lost $ 818 million on bets made against the company, according to financial analysis firm Ortex on 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. He has since continued to decline, losing much of its value.