The shares of GameStop Corp. skyrocketed again on Tuesday, closing at its all-time high since late January and pushing market capitalization back above $ 17 billion.
After dropping about 90% from the highs of the January meme stock buy frenzy, GameStop shares GME,
has skyrocketed by more than 108% in the past five trading sessions, including the 27% gain on Tuesday. Shares closed Tuesday’s regular session at $ 246.90, up from a record $ 347.51 on January 27, and rose an additional 3% in off-hours trading.
GameStop shares are up more than 1,200% so far and more than 5,700% over the past 12 months.
Shares started to rally again on Monday after GameStop announced a new strategy committee to find ways to accelerate the transformation, which will be led by activist investor and Chewy Inc. CHWY,
co-founder Ryan Cohen.
Late Tuesday, GameStop said it will report fourth-quarter and fiscal year earnings after the market closed on March 23.
Earlier in the day, the Senate Banking Committee began hearings on financial speculation and the easy trading practices of Robinhood and other zero-commission companies that, coupled with chatter from Reddit forums, helped historically buy heavily shorted stocks – such as GameStop and AMC Entertainment Holdings Inc. AMC,
– earlier this year.