Why Shares of GameStop Jumped Today

Shares of video game retailer GameStop (NYSE: GME) jumped on Monday after Scion Asset Management reported additional stock purchases in a filing with the Securities and Exchange Commission. The investment firm, founded and run by Michael Burry, now has a 5.3% stake in the company. GameStop stock was up about 14.3% at 12:40 p.m. EDT today.

Burry first revealed a significant stake in GameStop back in August, arguing that the balance sheet was in good shape and that the retailer's cash flow justifies a much higher share price. Burry also argued for a massive share buyback program, given the beaten-down stock price.

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Source Fool.com