The worst action of the GameStop on Wall Street rose again on Friday, while the massive short squeeze continued to fuel its explosive rally.
The stock of video games rose 69.4% to a high of $ 72.88 on Friday, bringing its earnings to over 100% this week alone. The trading of shares was briefly discontinued due to high volatility. The stock was last traded at about 35%, up to about 58 USD.
GameStop has over 138% of its short-selling floating shares, the shortest name on the US stock market, according to FactSet, which cites the latest records.
The stock initially rose above last week after the company announced that Chewy co-founder and former CEO Ryan Cohen is joining its board. The news triggered a massive short coverage in which hedge funds and other players had to hurry to cover their bets against the action.
Meanwhile, retail investors have also piled up, fueling the rally. Since trading in the early afternoon, more than 92 million GameStop shares have changed hands, quadrupling its average of 23.8 million trading volumes over 30 days.
Citron Research, a short seller, has voiced action, saying buyers at these high levels are “the fools of this poker game,” according to a tweet on Tuesday. Citron said GameStop will return to $ 20 per share “quickly.”
On Friday, Citron said it would no longer comment on GameStop due to attacks by the stock’s “angry bullet.”
The stock grew by more than 250% in 2021, after a 209% rally last year.
Subscribe to CNBC PRO for exclusive statistics and analysis, and live scheduling on weekdays around the world.