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Shares of GameStop rose 44% in premarket trading on Thursday as the heavily shortened stocks favored by Reddit traders await a revival.
Investors piled into the Video game retailers on Wednesday Following the reported fall of CFO Jim Bell, the stock rose 103.9% before trading was suspended.
The company announced Tuesday that Bell would step down on March 26th. Ryan Cohen – GameStop investor and co-founder of online pet food retailer Chewy – and the board of directors have reportedly forced the move to expedite the online transition.
GameStop was at the center of a period of market confusion in late January when retailers, led by the multimillion dollar Reddit thread WallStreetBets, rocketed shares and pushed a number of hedge funds on Wall Street betting the market to decline.
However, some analysts have suggested it also some institutional involvement in the rising share price.
Another stock caught in the retail frenzy AMC Entertainment, rose 17% in premarket trading on Thursday after rising 18% in the previous session. The cinema chain was backed by New York Governor Andrew Cuomo, who announced that cinemas in the city could open with limited capacity next month.
Headphone manufacturer and Reddit favorite now Koss Corp. jumped 57% in the early hours of Thursday.