GameStop Stock Continues to Rise

After the initial spike in late January, the GameStop stock has managed to keep some of its value.

GameStop+is+at+the+center+of+a+stock+market+frenzy%2C+with+physical+stores+seeing+uptics+in+visitors.

Walker Winkler

GameStop is at the center of a stock market frenzy, with physical stores seeing uptics in visitors.

Following a roughly three-month period of fluctuation, the GameStop Corporation stock—commonly referred to as GME—has stayed valuable and popular for investors. With the combined efforts of millions of users on Reddit, the GME stock and other related investments are still in the public eye. 

While a total of $483 was reached on Jan. 28, the price of GME has seen brief but smaller returns to that height. The stock got to $108.73 on Feb. 25, following a period roughly below a month of stock values under $100. The value continued to increase from that date up to Mar. 10 with a price of $265. Since then, the price has fallen, reaching $158.36 on Apr. 9. 

Other targeted stocks have seen similar results. AMC Entertainment is below $10 as of Apr. 9, following a time in which the stock was valued in the $13 to $14 range. BlackBerry Limited experienced a similar drop to single-digit values on Mar. 24, after two straight months of the stock keeping a value over $10. Nokia Corporation has maintained the least amount of value at $4.13 on Apr. 9, which is lower in price than the initial $4.20 when the push began on Jan. 22.

On Reddit, the original movement from the forum WallStreetBets has branched out into multiple subreddits, including GME and Gamestopstock. The general tone of the posts on each message board has remained the same since before, providing pertinent information about the stocks that members of the subreddits are investing in and memes about the entire situation. Recently, users like u/RedDragons8 have made posts promoting charitable donations of video game hardware and software bought at GameStop locations to local children’s hospitals as a way to spend some money earned in the stock market.

One man influential to the surrounding conversation is Jim Cramer, the host of the show “Mad Money” on CNBC. Cramer urged people during his shows and guest appearances to sell the stock while it was high and to buy it back when it went below the $100 threshold. This opinion openly clashed with the ideology shared on WallStreetBets, causing users to attack him on Reddit and Cramer’s social media accounts. Cramer has expressed interest in doing an Ask Me Anything post, a type of post in which a user answers questions asked by other users, on GME, but a moderator for GME has stated that they will not allow for one to happen on the subreddit.

GameStop itself has used the events of the stock to make big decisions for the company. Former CEO and cofounder of Chewy, Ryan Cohen, is set to become the new chairman of the board for GameStop. This comes after the most recent chairman, Kurtis Wolf, resigned on Apr. 5. The election for this new chairman is set to take place on June 9, which will continue Cohen’s push to revitalize the company.

To see the early events of GME, check out staff member Jacob Slabosz’s story from the first major increase of the stock.