Gamestop (GME Stock) Price and Forecast: Soars 273% as “diamond hands” trigger meme stock comeback


  • NYSE: GME is trading at around $168 in Thursday's premarket trade, up 273% from Wednesday's early trading price.
  • The departure of the CFO served as the trigger to the fresh buying frenzy.
  • Retail traders that have held onto shares seem to be behind the surge. 

The bell has rung and GameStop (NYSE: GME) is off to the races – with the departure of Jim Bell, the firm's CFO serving as the trigger. Shares surged by 103.94% on Wednesday, from $44.97 to $91.71 and the upswing continued at full force in after-hours and pre-market trading.

See Blackberry latest news

GME shares are quoted at no less than $168 at the time of writing – a surge of 273% or nearly quadrupling. 

GME stock news

 

The financial boss of the veteran video gaming company disagreed with other managers on how to accelerate growth, reportedly on the strategies needed to move into the online world. However, while Bell's exit may have been the trigger, it is essential to remember that GME is the poster child of "meme stocks" – those touted by Reddit's WallStreetBets forum.

Those with "diamond hands" – traders unwilling to let go of shares they bought even in times of trouble – were joined by other investors in pushing shares higher. Some are dubbing the move as "Short-squeeze 2.0."

Can the upsurge in NYSE: GME continue? Some may be pulling out spreadsheets to asses GameStop's potential online growth amid prospects of a receding pandemic. The FDA's nod to Johnson and Johnson's vaccine adds to the bullish outlook for the economy – but also implies fewer hours spent playing video games.

However, in the short term, fundamental analysis may be somewhat less useful than following the likes of Roaring Kitty and other influencers on Reddit. How will hedge funds respond? Wall Street's vultures were hard-hit in the previous round – at least until Robinhood and others imposed buying limitations. 

One thing is certain – the action around GameStop (GME) and other shares such as AMC, Nokia, and BlackBerry continues. See all equity news

 

The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor. 

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD attempts recovery above 1.1950 as USD resumes decline

EUR/USD is attempting a recovery above 1.1950 ahead of the European open, as the US dollar’s rebound falters amid persistent weakness in the Treasury yields. Easing concerns over EU's covid vaccines rollout and dovish Fed expectations underpin the spot.

EUR/USD News

GBP/USD recaptures 1.3850 as UK’s optimism offsets USD bounce

GBP/USD rises above 1.3850, picking up fresh bids heading into the London open. The cheers the UK’s advantage of faster vaccinations and unlock guidelines to shrug off the US dollar’s bounce off late the lowest since late March.

GBP/USD News

XAU/USD buyers attack six-week-old resistance line around $1,780

Gold keeps recovery moves from intraday low to print mild gains, picks up bids off-late. Ascending resistance line from early March tests bulls. 50-day SMA, monthly support line could offer bounces in case of pullback, any further weakness will recall the bears.

Gold News

Bitcoin network hash rate drop may not have caused BTC price crash

China’s prominent regions for Bitcoin mining have suffered an electrical grid blackout, causing Bitcoin’s hash rate to decline. Bitcoin price crashed over the weekend, coinciding with the drop of the network’s hash rate.

Read more

S&P 500 Week Ahead: Banks beat the street, COIN booms as funds flow to ETFs

Equity markets continue to remain bolstered from all sides as the macro environment produces strong numbers, earnings continue to smash estimates and inflation concerns take a back seat. Earnings season switches from bank stocks to reopening plays.

Read more

Forex MAJORS

Cryptocurrencies

Signatures