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GameStop up another 60%, amateur interest shows no sign of abating

In the meantime, Reddit's Wallstreet bets stock trading discussion group were backing the company, buying shares and call options on the stock.

January 27, 2021 / 04:17 PM IST
Source: AFP

Source: AFP

GameStop shares surged another 60 percent on Wednesday in pre-market trading, boosted by increased interest among amateur investors who have lifted the share price by 700 percent over the past two weeks.

But some hedge funds have refused to budge from their bearish bets, with FIS' Analytics data showing investors had piled on $2.2 billion in bearish bets on the US video game retailer -- a whopping 20 percent of its market capitalisation,

In the meantime, Reddit's Wallstreet bets stock trading discussion group were backing the company, buying shares and call options on the stock.

A similar euphoria has boosted BlackBerry and Nokia.

Meanwhile in Europe, shares of Evotec and Varta jumped on a chatter that Melvin Capital Management was being forced to unwind its short positions to cover losses on its other bearish bets, including GameStop.



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Reuters
first published: Jan 27, 2021 04:10 pm
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