Why GameStop Shares Are Going Parabolic This Week
Shares of the original meme stock are doing the meme stock thing again this week. The stock of GameStop (NYSE: GME) had rocketed more than 50% above last Friday's closing price at the high point this week. While the stock retreated from the peak, heading into the final day of this week's trading, GameStop shares were still up more than 35%, according to data provided by S&P Global Market Intelligence.
While GameStop did announce some news on its move into digital assets this week, it's more likely that the spike in the share price is more related to retail investors who drove its shares to lofty heights when the meme stock craze began more than a year ago. Investors have been increasing the number of short positions in GameStop all year, and they may be experiencing a short squeeze with first-quarter earnings on deck next week.
Source Fool.com
