A man was watching GameStop on 6th Avenue on February 25, 2021 in New York.
John Smith | Corbis News | Getty Images
GameStop gained a five-day loss, a significant increase on Thursday, as the retail company’s shares rose about 50% and showed that their wild swings are not over yet.
Shares fell 33% in the previous session after the company reported disappointing results in the fourth quarter and failed to provide detailed details about its change plans. The company also revealed that it is considering the sale of several shares.
This was the fifth consecutive negative day for shares after the close of almost $ 210 per share on March 17. The shares traded nearly $ 180 on Thursday.
There was no apparent news leading up to Thursday’s price action. GameStop was the highest profile “meme stock” that is popular with retailers on Reddit and other social platforms.
GameStop famously launched over $ 400 per share in January before dropping by about 90% in less than a month.
Other popular Reddit transactions also rose on Thursday, with Koss up nearly 50% and AMC Entertainment gaining 24%.
GameStop is a traditional retailer that seeks to pivot in e-commerce, led in part by Chewy board member and co-founder Ryan Cohen. Most recently, the company hired Jenna Owens, a former director of Amazon and Google, as its new chief operating officer.
The company, which has remained largely quiet about the violent fluctuations in share prices this year, has seen several executive roles as the company prepares for its transition.