(Reuters) – Shares of GameStop Corp fell further in early trading Tuesday, continuing a slump that resulted in the video game retailer’s stock losing a third of its value this week.
Shares of the company fell 16.4% to $ 184, on track for their worst weekly performance since early February, down more than 30% since Friday’s close.
Other so-called meme shares, popular with online retailers, fell early in Tuesday’s session, with movie theater operator AMC Entertainment Holdings Inc falling 8.6%, while headphone maker Koss Corp declined 7.1%.
GameStop continues to maintain a legion of devout followers after a social media frenzy in January sparked a massive rally in which its shares rose more than 1,600% in a short period of time that shook hedge funds like Melvin Capital.
Reporting by Aaron Saldanha in Bengaluru; Editing by Shounak Dasgupta