Shares were halted once around 3:40pm ET after climbing nearly 74%, and again just over 10 minutes later after gaining 104%. GameStop’s trading volume was roughly three times higher the five-day average for the stock, according to data provider Refinitiv.
Less than an hour after the closing bell, the stock was on the move again — gaining nearly 90% in after-hours trading.
Having déjà vu yet? The surge comes about a month after a wild GameStop (GME) trading frenzy caused its stock to jump around 1,600% in a matter of days, though it quickly fell from highs around $350. The late January surge was fueled by individual retail investors, many from the Reddit page WallStreetBets, some of whom believed the GameStop was undervalued and others who wanted to squeeze hedge funds that had shorted the stock.
The jump in GameStop also comes a day after the company announced its chief financial officer would resign next month to help “accelerate GameStop’s transformation,” which could fuel…