GameStop Corp. (NYSE:GME) shares are trading higher by 12.2% at $170.55 amid continued volatility in the stock and despite a lack of company-specific news for the session. So what's happening?
The move higher could be a continuation of last week’s momentum. GameStop shares saw heavy volume and were trading sharply higher last week Chairman Ryan Cohen purchased 100,000 additional shares of the company’s common stock. Last week’s news and the additional gap up higher for Monday’s session has fueled GameStop shares up some 69.0% over the trailing five sessions.
But it’s no secret that AMC Entertainment Holdings Inc (NYSE:AMC) has company-specific Monday from CEO Adam Aron, which could in fact make the gap up in GameStop shares Monday a sympathy play to AMC… Read More
GameStop and AMC shares together may also be experiencing a short squeeze over the past week. According to data from Benzinga Pro:
- GameStop has a total share float of 46.371 million, of which 12.350 million shares are sold short, representing 26.63% of shares sold short
- AMC has a total share float of 515.00 million, of which 101.33 million shares are sold short, representing 19.68% of shares sold short
GameStop is a U.S. multichannel video game, consumer electronics and services retailer. The company operates across Europe, Canada, Australia and the United States.
GameStop has a 52-week high of $344.66 and a 52-week low of $77.58.
