![]() The share price momentum built on the news of the arrival of Chewy founder Ryan Cohen as a 13% shareholder in the company. Shares are rallying despite the fact its physical store sales are declining while the company is set to post losses for another year. ![]() “I have seen a lot in 40 years in the business, but some of the things we are seeing lately would have been considered wild in the year 2000,” The shares of the once-moribund mall retailer hit $159 in intraday trading on Monday before settling down around $80.ĭay traders on chat forum Reddit are battling with short-sellers over the last month, which is providing more momentum to stock. GameStop ( NYSE: GME) has been stunning analysts and money managers since the beginning of this year as shares of the gaming company rallied more than 245% without any real fundamental catalysts.Īpparently, short squeeze along with bullish comments from Reddit users have been contributing to the rally.
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