The stock saga that launched a handful of streaming deals doesn’t appear to be over just yet. GameStop may have already had its day on Capitol Hill, but the retail store’s stock saw another surge on Wednesday that had investors, and the Internet at large talking about another trip to the moon.
GameStop was the biggest of the retail stocks that were bet on heavily by a Reddit form that caused a massive spike in the stock’s price due to short sellers getting fleeced back in January. Much of that bump — especially with the other stocks that were shorted like AMC, Nokia and Blackberry — swiftly fell back to Earth. But that all changed on Wednesday, as GameStop’s stock price soared 100 percent in the matter of a few hours.
AMC’s stock price actually saw a bump up as well. And GME and AMC trended again on Twitter by Wednesday afternoon, with people either excited about the sudden surge or thrilled that they had hung on to their stock.
As CNN reported, it’s not entirely clear what caused the sudden rise in price this time, though many investors had said recently they were holding onto GameStop and other stocks in hopes a rise would occur again. And the rapid activity actually caused a halt of stock sales on GME at least once on Wednesday:
Shares were halted once around 3:40pm ET after climbing nearly 74%, and again just over 10 minutes later after gaining 104%. GameStop’s trading volume was roughly three times higher the five-day average for the stock, according to data provider Refinitiv.
Less than an hour after the closing bell, the stock was on the move again — gaining nearly 90% in after-hours trading.
There were a lot of celebratory memes as the sales were halted and the huge increases came on Wednesday.
— Damian Blackman (@DameGenesis) February 24, 2021
Me now that I’m in the green on my GME and AMC again pic.twitter.com/SgYZAfcf1q
— ɐıpnɐlʞ (@partlyklaudy) February 24, 2021
GME and AMC holders seeing them actually go up again pic.twitter.com/xOYDbMsvqk
— Pizza Dad (@Pizza__Dad) February 24, 2021
— Kaleb (@KalebVasquez7) February 24, 2021
Reddit users after seeing GME and AMC stocks going up again pic.twitter.com/kkYaqn8IIX
— Rich (@UptownDCRich) February 24, 2021
Hedge funds when they see GME and AMC going up again pic.twitter.com/CwK5UTPLAi
— Zi 💫 (@zi_was_here) February 24, 2021
There were, though, some that inevitably missed the ride on the rocket.
People who sold all their GME and AMC stock yesterday seeing the prices today pic.twitter.com/KM0toBLacx
— Don Jon (@jonathanspena) February 24, 2021
By Wednesday evening, the after-hours trading of GME continued to soar as well, so we might be in on a wild ride the rest of the week.
— Bloomberg (@business) February 24, 2021
And as The Verge reported, WallStreetBets is thrilled the ride appears to be back on.