GameStop (NYSE:GME) stock started off weak on Friday with shares falling after experiencing a strong climb over the last couple of weeks. However, it didn’t take long for the stock to start recovering.
GameStop already has a reputation as a meme stock and today’s movement doesn’t change that. Case in point, this meme shared by Twitter (NYSE:TWTR) user Roaring Kitty, a trader on the social media service with more than 379,000 followers.
— Roaring Kitty (@TheRoaringKitty) March 19, 2021
With shares of GME stock bounding back, it shouldn’t be surprising that retailer traders over on r/WSB are celebrating the news. Several members are talking about the fall and bounce back that GameStop is experiencing today in a megathread on the subreddit.
While r/WSB traders are talking up shares of GME stock, that’ doesn’t always translate to the strong movement of shares. As of this writing, nearly 17 million shares of the stock have changed hands. For some perspective, the stock’s daily average trading volume is closer to 45 million shares.
GME stock started off trading on Friday down 2.8% and continued to dip lower as the day progressed. Then a change happened near noon that saw the stock not only recover its lost ground but also start climbing higher than its previous close.
Shares of GME stock are currently still above yesterday’s close with a 5.3% increase. It’s also worth noting that GME stock has soared 1,128.2% higher since the start of the year.
Of course, this is just a continuation of the ongoing saga of GME stock and r/WSB.
GME stock was targeted by investors on the r/WallStreetBets subreddit late in January as a short squeeze. It quickly grew to more than just that with some of the forum’s investors holding the stock no matter the cost. While the stock is down from its high of nearly $350 per share in January, there’s no denying the effect that Reddit traders have had on it. Catch up on the most recent GME news from InvestorPlace.com below.
- GME Stock: Great for Day Trading, But a Non-Starter Otherwise
- GameStop Stock Is No Longer a Short Squeeze – So What’s Left?
- GameStop’s Huge Squeeze Sets Up an Intriguing Bullish Options Trade
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.