GameStop shares see another spike

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The stock price for GameStop shares has begun to rise once again. Share prices peaked at $185 during after-trading hours last Thursday.

Share prices opened yesterday at $44 and closed at $91. During today’s pre-market session, shares hit $148, and appear to still be rising.

Interestingly, the rise follows the announcement that current GameStop CFO Jim Bell will be resigning on March 26, 2021. The announcement also covered that Diana Jajeh, current Senior Vice President and Chief Accounting Officer, will be stepping into the role for the interim period.

The last few weeks have been a volatile time for GameStop’s stock. This is due to a campaign from the Reddit group WallStreetBets. The share price rose and fell dramatically throughout January, and was further exacerbated after Elon Musk showed support.

On January 27, 2021, a new record high for the stock was set at $380. The Biden administration then stated that they’d be keeping a close eye on the situation.

YouTuber Keith “Roaring Kitty” Gill has been singled out as one of the most influential voices when it comes to WallStreetBets. This led to a class-action lawsuit being filed against him. A lawsuit has also been filed against MML Investors Service and Massachusetts Mutual Life Insurance Company.

Off the back of the volatility seen in the shares, several films and TV projects have been announced. They’ll seek to cover the incident with a more entertaining angle, though it will shed a light on the more serious aspects of what has been going on.

Some people within WallStreetBets believe that they’ve been given a hard time by the media because they’re working as a group for the benefit of each other. They’re similar to hedge funds, though they don’t charge each other hefty fees for managing each other’s finances, they simply work together.

GameStop has been restructuring as a company over the last few years. A process that has seen hundreds of stores closed and hundreds of employees let go along with them. However, this strategy is meant to make the business more profitable moving forward, which may end up increasing share prices even further as a result.