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GameStop, a videogame and electronics retailer in the US, posted $470 million in losses in 2019. Then, the Covid pandemic struck, and it was forced to close its operations due to the lockdown. At that time, it announced it would close 300 locations permanently. Then the stock price was around $3.25.
Since then, the company's share price has increased gradually. In September, it rose touched $10 before falling marginally and rising again. On December 30, it was hovering around the $19-mark. before jumping to $65 on January 22. On Monday, it hit a high of $117, before falling. On Tuesday, the prices rose again and on Wednesday, the stock prices touched $372.
What led to this phenomenal rise in the company's stocks? Why are big hedge funds up in arms? Here's all you need to know.
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