GameStop stock surges amid wider market mayhem

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GameStop (GME) shares were halted for volatility numerous times on Thursday. The stock rose as much as 33% as investors piled into the flagship ‘meme stock.’ Shares of the video game retailer touched a daily low of $77.77 and went as high as 108.06 during the morning session.

Cinema chain operator AMC’s stock (AMC), another retail trader favorite, also traded higher during the session.

GME and AMC have been on a downward trend this year amid a broader market sell-off after the Federal Reserve began telegraphing a tightening of monetary policy.

GameStop has been undergoing a turnaround at the helm of chairman Ryan Cohen, known in the WSB community as “Papa Cohen.” The former co-founder of Chewy overhauled the video game retailer’s C-suite last year. The company announced an NFT marketplace initiative and plans for a stock split.

GameStop become the marquee stock among WallStreetBets members last year amid a ‘meme’ stock frenzy in early 2021.

GameStop and AMC have been on a downward trend this year amid a broader market sell-off after the Federal Reserve began telegraphing a tightening of monetary policy.

Today, short interest in GME sits at 21% of the float, a relatively high level when compared with other stocks.

Ines is a markets reporter covering equities. Follow her on Twitter at @ines_ferre

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