GameStop Stock ($GME) Rises Over 200% in Less Than Two Days, After Two Years of Dormancy

“Honey, GameStop is up over 100% today!”

No, it’s not January 2021: it’s May 2024, and GameStop is still considered a $16 billion company by market cap.

GameStop peaked at a price of $38.20 per share on Monday, May 13, 2024, on no apparent news other than prominent investor RoaringKitty returning to Twitter/X. This was the highest price GameStop’s stock achieved since August 8, 2022.

Overnight and during pre-market on Tuesday, GameStop’s stock price ballooned even further, reaching a high of $80.07 briefly after market open. About two hours in to trading, GameStop’s price fell to float around just over $50: still a 288% increase from $GME’s $17.36 close on Friday.

BREAKING: Both $AMC and $GME are up over 130% pre-market adding another $14.5 BILLION of market cap today.

Gamestop is now officially one of the 500 largest public companies in the US.

This morning, AMC Entertainment announced that they would be raising $250 million in equity.… pic.twitter.com/LOKp5NZk78
— The Kobeissi Letter (@KobeissiLetter) May 14, 2024

With this squeeze not having many apparent pure catalysts, it’s very likely that some short-sellers were finally forced in to a position in which they needed to acquire a significant number of shares. This is pure speculation of course, but while there’s been pops in GameStop’s stock on a day-to-day basis in the past, this feels different.

The past 28 hours have seen the most significant price movement for GameStop’s stock in two years: where will it go next? The all-time high for $GME is $120.75 (keep in mind that GameStop did perform a 4-for-1 split since it’s original meme stock craze,) and the next target would be $87.13, the next-highest level GameStop achieved, in March of 2021.

Disclaimers: This is not legal advice, and data may not be precise. I do own GameStop shares and have since January 2021.