(Reuters) – Frankfurt-listed shares of GameStop Corp tripled at one point on Thursday, surpassing the 100% growth of the Wall Street video game retailer overnight as European retailers joined the new momentum purchase.
GameStop shares rose up 240% in premarket trading and rose 210% since 0741 GMT.
The increase comes after a few weeks in which stocks move within relatively tighter limits.
“It’s a marathon, not a sprint. Whatever happens, resist the urge to sell. The longer we hold it, the bigger it is, ”said @ catchme1fyoucan, an Italian user of the eToro retail trading platform, in a discussion on GameStop.
Analysts could not identify a reason for the sudden move, but at least one ruled out a brief push that triggered the “Reddit rally” in January, when amateur investors crowded into stocks that hedge funds bet on.
Some Twitter users cited factors, including options trading and the resignation of GameStop chief financial officer Jim Bell on Tuesday.
US-listed shares of GameStop rose nearly 104 percent on Wednesday and were stopped several times at a rally that began after 1930 GMT. They jumped another 85% after class.
Shares of German operator AMC Entertainment, another stock favored last month by individual traders in online discussion forums, such as Reddit’s WallStreetBets, rose 41% after an 18% increase in its US shares on Wednesday.
Report by Sagarika Jaisinghani in Bengaluru and Danilo Masoni in Milan; edited by Subhranshu Sahu and Jason Neely