Shares have way more than doubled over the past 10 days
It’s a very happy Monday for GameStop Corp. investors, as the stock powered higher toward the longest win streak in more than a decade.
The videogame and consumer electronics retailer’s stock GME, +24.77% jumped 14.4% in afternoon trading, to put them on track for the highest close since Dec. 7. It has been on a tear of late, as a renewed meme-stock frenzy coincided with rising bearishness.
The stock was on track for a 10th-straight gain, which would mark the third time that streak of gains was accomplished since the company went public in February 2002. The last 10-day stretch of gains ended April 20, 2010, which matched the initial record 10-day streak that ended July 12, 2005.
The stock erased an early intraday loss of as much as 0.3%, before turning higher.
GameStop seemed to acknowledge the stock’s gains, by tweeting about midday “happy Monday” to its 1.8 million followers.
The stock has skyrocketed 122.46% during its current win streak, highlighted by the 30.7% run up on March 22 after a bullish post on subreddit WallStreetBets by user Thump4.
That compares with the 12.84% gain during the April 2010 win streak, and the 13.05% rally during the July 2005 streak. It is also the best performance for any 10-day stretch since it blasted 159.98% higher during the 10-days ended March 12, 2021, in the midst of last year’s “meme-stock” frenzy.
Coincidentally, the latest exchange data showed that short interest, or bearish bets, was 12.66 million shares as of March 22, or 20.1% of the public float, according to data provided recently by S3 Partners. That’s the highest number of shares shorted, according to FactSet, since early March 2021.
GameStop shares have now run up 17.1% year to date, while the S&P 500 index SPX, +0.71% has lost 4.7%.