Shares of GameStop Corp. rose on Monday, continuing an epic journey for the mall retailer.
The stock jumped about 16% in recent trading to $ 46.78, recouping some of its losses from last week. The shares have lost about nine-tenths of their value since hitting $ 483 in intraday trading late last month.
The big change in the company’s stock comes after Keith Gill, the man behind the Reddit-fueled frenzy in GameStop shares, revealed a larger stake in it on Friday night. A new screenshot posted to Reddit by DeepF — ingValue, his online username, showed that he bought an additional 50,000 shares, bringing his total shares to 100,000 shares, worth approximately $ 4 million per year. Friday, The Wall Street Journal reported.
GameStop’s aggressive stance has already made Gill a millionaire and a hero to many individual investors, particularly those on Reddit’s popular WallStreetBets forum.
The latest activity is a sign that GameStop’s wild journey is not over.