GameStop shares rise to highest point since January, market cap exceeds $ 17 billion


Shares of GameStop Corp. spiked higher again on Tuesday, closing at their highest since late January and pushing its market capitalization above $ 17 billion.

After falling about 90% from its highs from the meme stock buying frenzy in January, GameStop stock GME,
+ 26.94%
it has soared more than 108% in the last five trading sessions, including Tuesday’s 27% gain. The shares closed Tuesday’s regular session at $ 246.90, down from a record close of $ 347.51 on January 27, and were up another 3% in after-hours trading.

GameStop shares have risen more than 1,200% so far this year and more than 5,700% in the last 12 months.

The shares began to rise again on Monday after GameStop announced a new strategy committee to identify ways to accelerate its transformation, which will be led by the activist investor and Chewy Inc. CHWY.
+ 5.37%
co-founder Ryan Cohen.

On Tuesday night, GameStop said it will report fourth quarter and fiscal year earnings after the market closes on March 23.

Earlier in the day, the Senate Banking Committee initiated hearings on the financial speculation and easy business practices of Robinhood and other zero-commission firms which, combined with chatter from the Reddit forums, helped drive historic stock buying highly. in short, like GameStop. and AMC Entertainment Holdings Inc. AMC,
+ 13.02%
– at the beginning of this year.

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