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Shares of video game retailer GameStop (GME - Free Report) are soaring again on Wednesday after a major shareholder increased their stake in the company. GME was up as much as 12% in mid-morning trading following a 23% gain on Tuesday; the stock closed up 5.7% to $20.57 per share.
Ryan Cohen is the co-founder of pet e-commerce platform Chewy (CHWY - Free Report) , and reported in an SEC filing that he’s taken a 12.9% stake in GME through his firm RC Ventures. Cohen previously owned about 10% of GameStop, and has called for a strategic review to help GME transition from traditional brick-and mortar retailer to full-fledged tech company. Cohen also vowed to create long-term shareholder value.
GME is one of the most shorted stocks on the market, but Cohen’s determination will surely make short sellers reevaluate their positions.
GME is up almost 240% year-to-date.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
GameStop's (GME) Rally Continues
Shares of video game retailer GameStop (GME - Free Report) are soaring again on Wednesday after a major shareholder increased their stake in the company. GME was up as much as 12% in mid-morning trading following a 23% gain on Tuesday; the stock closed up 5.7% to $20.57 per share.
Ryan Cohen is the co-founder of pet e-commerce platform Chewy (CHWY - Free Report) , and reported in an SEC filing that he’s taken a 12.9% stake in GME through his firm RC Ventures. Cohen previously owned about 10% of GameStop, and has called for a strategic review to help GME transition from traditional brick-and mortar retailer to full-fledged tech company. Cohen also vowed to create long-term shareholder value.
GME is one of the most shorted stocks on the market, but Cohen’s determination will surely make short sellers reevaluate their positions.
GME is up almost 240% year-to-date.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>