Yesterday into today, GameStop
stock soared up 163% to around $150 a share. This massive movement harkens back to the extreme GameStop stock increase we saw earlier this year, and it seems the Redditors with diamond hands at /r/WallStreetBets
are at it again.
In late January, Reddit users over at /r/WallStreetBets banded together
to try and squeeze investors who had decided to short sell GameStop stock. What happened next was an amazing saga that led GameStop to rocket to around $350 a share and then fall back again. Furthermore, chaos ensued on the /r/WallStreetBets subreddit and Discord server with rumors of movie deals and moderation team coups. Now, could this roller coaster be happening again?
At present, it is unclear what exactly triggered the recent surge in GameStop stock prices, but there seems to be one goal in mind: ruin short sellers (again). People have begun to buy stocks and have vowed to hold them until “GME goes to the moon.” One of the centerpieces to the /r/WallStreetBets events is Redditor Keith Gill, or DeepF**ckingValue, who has been rallied around through all of the stock madness. Just five days ago, he posted an update to the WSB Reddit showing he has doubled down on GameStop, buying 50,000 more shares, and perhaps people are following his lead once more.
At the end of the day, it seems the individual stock traders at /r/WallStreetBets are out for “tendies” and the blood of short-sellers. As this movement begins to ramp up, more news outlets will cover what is happening, likely adding fuel to the fire. Ultimately, we may see another multi-hundred-dollar rise in GameStop stock in the coming days, so keep an eye on HotHardware
for updates on the madness.