GameStop shares surge in premarket as Reddit favorites rally again
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Shares of GameStop climbed 52.7% in premarket trade on Thursday as heavily-shorted stocks favored by Reddit traders look set for a resurgence.
Investors piled into the bricks-and-mortar video game retailer on Wednesday following the reported ousting of Chief Financial Officer Jim Bell, sending the stock soaring 103.9% before trading was halted.
The company announced Tuesday that Bell will resign on March 26, with reports suggesting that Ryan Cohen – GameStop investor and co-founder of online pet food retailer Chewy — and the board forced the move in order to accelerate its transition online.
GameStop was at the center of a period of market mayhem in late January as retail traders led by multi-million-member Reddit thread WallStreetBets sent its…
