(Reuters) – GameStop Corp shares fell on Tuesday at the start of trading on Tuesday, continuing a decline that saw the video game retailer’s stock sell off a third of its value so far this week.
The company’s shares fell 16.4% to $ 184 on the weakest weekly performance road since early February, down more than 30% since Friday’s close.
Other so-called meme stocks, popular with online retailers, fell early Tuesday, with film operator AMC Entertainment Holdings Inc down 8.6%, while headset maker Koss Corp fell 7 percent. 1%.
GameStop continues to retain a legion of devoted followers, after the frenzy of social media in January triggered a massive rally in which its shares rose by more than 1,600%, in a brief pressure that shook hedge funds, such as Melvin Capital.
Aaron Saldanha’s report in Bengaluru; Edited by Shounak Dasgupta