A man watches GameStop on 6th Avenue on Feb. 25, 2021 in New York.
John Smith | Corbis News | Getty Images
GameStop broke a five-day loss streak on Thursday with a significant rise as the retail company’s shares rallied about 50% showing their wild swings are not over yet.
The stock fell 33% in the previous session after the company reported disappointing fourth-quarter results and failed to provide in-depth details on its turnaround plans. The company also announced it was considering selling more shares.
That was the stock’s fifth consecutive negative day after closing close to $ 210 per share on March 17. The stock traded near $ 180 on Thursday.
There was no clear news driving Thursday’s price action. GameStop is the hottest “meme stock,” popular with retailers on Reddit and other social media platforms.
GameStop shot at the famous $ 400 per share in January before dropping about 90% in less than a month.
Other popular Reddit trades bounced higher on Thursday as well, with Koss up nearly 50% and AMC Entertainment 24%.
GameStop is a traditional brick-and-mortar retailer trying to spin ecommerce, led in part by board member and Chewy co-founder Ryan Cohen. The company recently hired Jenna Owens, a former Amazon and Google manager, as its new Chief Operating Officer.
The company, which has been largely silent about its violent stock price swings this year, has seen several leadership roles turn as the company gears up for its transition.