(Reuters) – The Frankfurt-listed shares of GameStop Corp tripled at one point Thursday, surpassing the 100% rise of the video game store on Wall Street overnight, as European retailers joined the new buying momentum.
GameStop shares were up a whopping 240% in premarket trading and were up 210% from 0741 GMT.
The rise comes after a few weeks of moving stocks in relatively tighter ranges.
“It’s a marathon, not a sprint. Whatever happens, resist the urge to sell. The longer we hold, the higher it gets, ”said @ catchme1fyoucan, a user in Italy of the eToro trading platform, in a discussion about GameStop.
Analysts couldn’t pinpoint any reason for the sharp move, but at least one ruled out a brief push that ignited the “ Reddit rally ” in January when amateur investors piled into stocks that hedge funds had bet against.
Some Twitter users cited factors such as options trading and the resignation of GameStop’s Chief Financial Officer Jim Bell, announced Tuesday.
GameStop’s US-quoted shares were up nearly 104% Wednesday and were shut down several times in a rally that started after 1930 GMT. They jumped another 85% after hours.
German shares of cinema operator AMC Entertainment, another stock favored by individual traders last month on online discussion forums like Reddit’s WallStreetBets, rose 41% after an 18% rise in the US stock on Wednesday.
Reporting by Sagarika Jaisinghani in Bengaluru and Danilo Masoni in Milan; edited by Subhranshu Sahu and Jason Neely