Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

GameStop tumbles nearly 20% as retail-driven surge dies down

Published 02/09/2021, 12:25 PM
Updated 02/09/2021, 01:50 PM
© Reuters. FILE PHOTO: GameStop logo is seen near displayed stock graph in this illustration

By David Randall

NEW YORK (Reuters) - Shares of video game retailer GameStop (NYSE:GME) tumbled nearly 20% Tuesday to their lowest levels since the start of a retail investor-led surge that echoed across Wall Street.

Investors who followed the popular Reddit forum WallStreetBets helped push shares of GameStop to a closing high of $347.51 on Jan. 27 as part of a strategy to squeeze hedge funds that had taken a short bet on the retailer. Since then, GameStop has tumbled about 85% to near $40 a share.

The discussion of the stock was notably muted on Reddit as shares fell Tuesday.

"This really is like a party that's dying down," one user wrote https://www.reddit.com/r/wallstreetbets/comments/lg0mn2/gme_29.

Other Reddit favorites tumbled alongside GameStop, with AMC Entertainment (NYSE:AMC) Holdings Inc shedding nearly 12% and BlackBerry (NYSE:BB) Ltd dropping nearly 4%. The benchmark S&P 500 was flat in afternoon trading.

The average price target of analysts tracked by Refinitiv on the company is $13.44.

Latest comments

who sold more than available stocks? who caused that price drop? who will get those shorts back? heddies
wow 😳. first off reddit or not they've capital! trade in systems to new consoles sales.... look at when the ps4 and xbox launched years ago same spike. the issue is you're being played by the hedge fund company that is going to buy back in at a lower avg and ring out the towel again.what do you 🤔 is going to happen when nintendo announcement of the next gen switch?!. hmmmm pre orders.. bigger EPS... this is a console war full of money.. the reality is the value of this company has a lot of potential
and why would people buy the consoles at Gamestop? With corona people order these things online, at amazon or others. Besides, check the numbers, sales are dropping, long term debt is growing, all the analysts - who are more adept at reviewing this company than both of us - have set a target of 14$. You want to still buy shares fine but best not this month.
simple you're not gamer! I am. I've shopped with them for years and seen the trend's.. try to view it from a gamers prospective and you'll start to see this is the era of tech you can wait. but I already rode the wave 🌊 of gme when I called it in Feb 2020 with a av of $4 an a ton of shares 💸.. sooI'm not gaining anything by telling you you're being lied to by the media.choice is yours best of luck, wish good of fortunes.
Final target price below $10.00
set a target price without an analysis... those articles should not be allowed! this can be considered market manipulation..
so analysts are not allowed to set price targets? And by the way, yes, market analysts always manipulate the market and the market makers will not doubt to try and influence the analysts
Hodor... buy more
do not panic, ape here gonna chop off my diamond hands and buy a rocketship to the mooooon... shine store 😣
Better to bet your money in Las Vegas.
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.