GameStop action soars over 100% on Wall Street

Spread the love

The video game dealer GameStop, at the heart of the stock market saga at the start of the year, was again the target of a speculative fever Wednesday on Wall Street. Its title has soared by more than 100%.

This surge comes the day after the announcement of the resignation of its chief financial officer, Jim Bell, who will step down on March 26. This decision is not motivated by “a disagreement with the company on any subject relating to the activities, regulations or practices of the company,” assured GameStop in a document sent to the US stock market policeman.

However, according to the Business Insider site, which quotes sources familiar with the matter, Jim Bell was “fired” by activist shareholder Ryan Cohen, who recently entered the capital and the board of directors of the company.

Read also: The actors of the GameStop saga deny any attempt at manipulation

Ryan Cohen, co-founder of online pet products store Chewy, was one of the triggers for the company’s sharp upswing on Wall Street at the end of GameStop. January.

The action reached 91.71 dollars on Wednesday

An army of amateur investors, notably exchanging their advice and opinions on a popular forum on the Reddit site, had decided to go massively to this chain of stores, raising its price on the stock market.

By acting in this way, these stock marketers had notably wished to prove wrong to large investment funds and the barons of Wall Street, who had on the contrary bet on a collapse of GameStop, in view of its mediocre financial results, its economic model visibly outdated and its gloomy growth prospects.

Follow the file: GameStop, a stock market adventure

A speculative frenzy had then won the entire market for several sessions and aroused strong reactions from regulators and US elected officials. These officials are investigating whether certain financial players, including hedge funds and brokerage platforms, have attempted to manipulate the market to limit their losses.

After a closing peak of over $ 347 on January 27, GameStop stock had fallen back to just over $ 40 last Friday. After being suspended several times at the end of the session due to too much volatility, it ended at 91.71 dollars on Wednesday.