Posted on Feb 24, 2019 2021 at 23:24
Video game retailer GameStop has been the subject of another surge in speculative fever. After being suspended several times at the end of the session due to too much volatility, its stock ended at $ 91.71 on Wednesday at the close of Wall Street, jumping more than 100%. It stood at just over $ 40 on Friday, a far cry from the peak reached on Jan. 27, when it closed at over $ 347.
This new rise comes the day after the announcement of the resignation of its financial manager, Jim Bell, who will step down on March 26. His departure is not officially due to “a disagreement with the company on any subject relating to the activities, regulations or practices of the company,” assured GameStop in a document sent to the US stock market policeman. But according to the Business Insider site, the CFO was pushed out by shareholder-activist Ryan Cohen, who recently entered the capital and the board of directors of the company.
The acquisition of a stake in GameStop by Mr. Cohen, co-founder of the online pet products store Chewy, was one of the triggers of the company’s sharp upward movement on Wall Street in late January. . Stock marketers, who traded on a forum on the Reddit site, had invested in GameStop and increased its price to oppose investment funds that bet on a stock market drop in the title. This had triggered speculative rise in the price of this chain of stores for several sessions before the action relapsed once the speculative fever subsided.