The stock price of GameStop Corp (NASDAQ: GME) rose to over 78% on Friday, reaching an all-time high of &76.76 per share. The trading in GME shares was halted several times due to high volatility.
GameStop shares ended trading at $65.01 each, up by 51% on Friday. After-hours, the stock shed another 6% to $61 per share. Year-to-date, the company’s stock price increased more than 250%.
The fight between GameStop Reddit day-traders and Citron Research
The parabolic surge of GameStop comes amid a steady and increasing number of short-sellers betting against the stock. Based on the latest filings, more than 138% of the company’s float shares were sold short. It is the most shorted company in the U.S. stock market, according to FactSet.
The stock price of the Texas-based video games retailer initially climbed last week after announcing that activist investor and Chewy CEO Ryan Cohen will join its Board of Directors. The news prompted short-sellers to cover their bets against the stock.