GameStop (GME) Stock Pops Amid ORTEX Short Squeeze Frenzy

Source: quietbits /

GameStop (NYSE:GME) stock is jumping on Friday as investors celebrate short-squeeze chatter sending shares higher.

Specifically, investors are reacting to news from ORTEX that GameStop’s short interest jumped yesterday. That came alongside heavy trading volume and resulted in traders on social media talking about the meme stock.

That said, ORTEX has noted that, while its website showed a massive jump in short interest in GME stock yesterday, that may not have been the case. Instead, it alerted traders on Twitter  (NYSE:TWTR) to the issue and said it would be investigating what was behind the displayed jump.

What This Means for GME Stock

GME stock is one of the original meme stocks that caught the interest of traders back in 2021. Since then, it has not been uncommon for shares of the video game retailer to take off on the slightest bit of news.

That’s something investors will want to keep in mind about GME stock. Also, while the shares may see massive gains, these gains typically aren’t sustainable. The retailer’s shares often slide in the following days.

As far as activity goes today, some 2.3 million shares of GME stock are on the move as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 5.4 million shares.

GME stock is up 4.1% as of Friday morning. However, shares are still down 29% since the start of the year.

Investors looking for more of the latest stock market news will want to keep reading!

InvestorPlace is home to all of the hottest stock market coverage traders need for Friday! A few examples include what’s going on with shares of Selina Hospitality (NASDAQ:SLNA), Amazon (NASDAQ:AMZN) and Nio (NYSE:NIO) today. You can catch up on all of that news at the following links!

More Friday Stock Market News

On the date of publication, William White did not hold (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 Publishing Guidelines.

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