GameStop (NYSE:GME) stock is seeing a momentous boost today, with little news driving it. No big earnings announcements, no appointments or firings, no big sales. Catalyzing the upswing in GME stock is the Reddit hype machine. A beyond-bizarre tweet from incoming chairman Ryan Cohen is also stoking the flames.
GME is up over 17% on today’s trading session, with shares passing $211 in the afternoon. The surge is a welcome movement for shareholders, but it wasn’t entirely a surprise.
A Redditor on the r/WallStreetBets forum predicted the surge earlier in the day. A deep-dive post says that GME is at “a rocket launch site,” with an important barrier resting at the $190 mark. The Redditor is claiming that once the stock breaches the $190 mark, it will be ready for a moonshot to over $300.
Well, that prediction now looks rather wise. Since breaking out, share prices quickly shot up to where they stand now. An update to the post reveals that the Redditor’s account has been suspended. With one final prediction, they say the price will surge ever-higher as long as GME stock closed out this afternoon above $190. That goal, at least, has been reached.
Reddit and a Crude Ryan Cohen Tweet Boost GME Stock
Beyond the savvy deep-dive, prices are being driven by a GameStop rockstar — incoming chairman and Chewy (NYSE:CHWY) founder Ryan Cohen. Cohen, the quarterback to GameStop’s business turnaround efforts, is pumping up investors nonstop. He makes a point to post his visits to brick-and-mortar GameStop locations on Twitter, just to show investors they’re on his mind.
But today, a more esoteric and somewhat disconcerting tweet is what is riling GME shareholders up:
Don’t try this at home pic.twitter.com/198rbMA4CG
— Ryan Cohen (@ryancohen) May 25, 2021
The clip does not seem to have any relation to the GME stock movement, at least at first glance. However, many social media users are clicking with whatever telepathy Cohen is using. Theories are cropping up left and right, talking of how the GIF is a statement about share float or simply that GME would be rising this afternoon. Either way, it’s certainly provocative, and it’s certainly getting the GameStop fanbase going.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.