A man watches GameStop on 6th Avenue in New York on February 25, 2021.
John Smith | Corbis News | Getty Images
GameStop had a five-day streak of bad luck on Thursday, with a significant spike as the retail company’s shares rose around 50%, showing that their wild swings are not over.
The stock slumped 33% in the previous session after the company reported disappointing fourth quarter results and failed to provide detailed information on its turnaround plans. The company also announced that it is considering selling more shares.
That was the fifth consecutive negative day for the stock after closing near $ 210 per share on March 17th. The shares were trading near $ 180 on Thursday.
There was no obvious news driving the price move on Thursday. GameStop was the most famous “meme stock” popular with retailers on Reddit and other social media platforms.
GameStop is known to surge over $ 400 per share in January before falling about 90% in less than a month.
Other popular Reddit trades also rebounded higher Thursday, with Koss up nearly 50% and AMC Entertainment up 24%.
GameStop is a traditional brick and mortar retailer trying to get into e-commerce, run in part by board member and Chewy co-founder Ryan Cohen. Most recently, the company hired Jenna Owens, a former executive at Amazon and Google, as its new chief operating officer.
The company, which has largely remained silent about the sharp swings in its share price this year, has taken on several leadership roles as the company prepares for the transition.