{"id":106213,"date":"2021-02-03T11:03:17","date_gmt":"2021-02-03T11:03:17","guid":{"rendered":"https:\/\/fin2me.com\/?p=106213"},"modified":"2021-02-03T11:03:17","modified_gmt":"2021-02-03T11:03:17","slug":"gamestop-climbs-11-in-volatile-premarket-trade-as-reddit-traders-dig-in","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/gamestop-climbs-11-in-volatile-premarket-trade-as-reddit-traders-dig-in\/","title":{"rendered":"GameStop climbs 11% in volatile premarket trade as Reddit traders dig in"},"content":{"rendered":"<ul>\n<li>Shares of the bricks-and-mortar video game retailer surged 1,625% in January and 400% just last week, as traders led by Reddit thread WallStreetBets piled into the stock. <\/li>\n<li>But the momentum had waned earlier this week. <\/li>\n<li>Gamestop stock dropped 60% on Tuesday and it has lost more than 70% of its value since Friday.<\/li>\n<\/ul>\n<p>GameStop shares gained 11% in premarket trade on Wednesday as the short squeeze fueled by retail traders on Reddit looks to revive itself following a steep decline.<\/p>\n<p>The stock had been down by more than 11% earlier on Wednesday morning but swung into the black shortly after 5 a.m. ET.<\/p>\n<p>Shares of the bricks-and-mortar video game retailer surged 1,625% in January and 400% just last week, as traders led by Reddit thread WallStreetBets piled into the stock.<\/p>\n<p>But the momentum had waned earlier this week. Gamestop stock dropped 60% on Tuesday and it has lost more than 70% of its value since Friday.<\/p>\n<p>AMC Entertainment, another heavily shorted stock that was also targeted by Reddit traders, was up by around 4% in premarket trade.<\/p>\n<p>Robinhood and other retail trading apps continue to limit some buying of a collection of stocks pursued by the Reddit thread. Many Wall Street hedge funds began short-covering toward the end of last week after taking significant losses in the squeeze.<\/p>\n<p>Short selling is a strategy in which investors borrow shares of a stock at a certain price on expectations that the market value will fall below that level when it&#x27;s time to pay for the borrowed shares. Buying back borrowed shares to close out a short position, whether for a profit or loss, is known as short-covering.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/02\/03\/gamestop-climbs-11percent-in-volatile-premarket-trade-as-reddit-traders-dig-in.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of the bricks-and-mortar video game retailer surged 1,625% in January and 400% just last week, as traders led by Reddit thread WallStreetBets piled into [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":106212,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GameStop climbs 11% in volatile premarket trade as Reddit traders dig in - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/gamestop-climbs-11-in-volatile-premarket-trade-as-reddit-traders-dig-in\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GameStop climbs 11% in volatile premarket trade as Reddit traders dig in - 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