Why GameStop Stock Continues to Run Up
Retail traders on Reddit's WallStreetBets forum caused quite an uproar driving short squeezes in late January, an uproar that ended in a well-publicized congressional hearing. But that wasn't the end of the story, and GameStop (NYSE: GME) shares are running again, up more than 450% in the last month.
Most recently, a second run in the stock that began this week continues today, with shares up another 14% at 10 a.m. EST.
The resurgence comes as some underlying business news combines with the retail trading momentum. Earlier this week, GameStop announced it has formed a new "strategic planning and capital allocation committee" to be led by Ryan Cohen. Cohen, investors may remember, was the spark that ignited the initial short squeeze in GameStop shares.
Source Fool.com
