Why GameStop Stock Skyrocketed Today

Shares of GameStop (NYSE: GME) continued their frenzied ascent on Monday. As of 11:55 a.m. EST, the video game retailer's stock price was up by 50% after rising as much as 145% earlier in the day.

GameStop's share price is now up roughly fivefold so far in 2021. The torrid climb began on Jan. 11 after the company announced a 309% surge in holiday e-commerce sales. 

That same day, GameStop also said Chewy founder and former CEO Ryan Cohen would be joining its board of directors. Cohen is one of GameStop's largest shareholders, and he's expected to help strengthen the company's e-commerce and technological capabilities. 

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Source Fool.com