GameStop Corp’s Frankfurt-listed shares tripled during Thursday’s meeting, exceeding the 100% increase in company on Wall Street, as small European traders joined the new buying impulse, reports Reuters, quoted by Mediafax.
GameStop shares increased by up to 240% in trading before the official opening of the stock exchange and increased by 210% starting with 07:41 GMT.
The increase comes after a few weeks in which stocks moved within relatively tighter limits.
„It’s a marathon, not a sprint. Whatever happens, resist the urge to sell. The longer we hold, the bigger it is, ”said @ catchme1fyoucan, an Italian user of the eToro trading platform, in a discussion on GameStop.
Analysts could not identify a reason for the sudden move, but at least one of them ruled out the same reasons that triggered the “Reddit rally” in January, when amateur investors fought with hedge funds and bet on declining GameStop shares.
Some Twitter users cited other factors, including the resignation of Jim Bell, GameStop’s chief financial officer, announced on Tuesday.
US-listed shares of GameStop rose nearly 104% on Wednesday and were stopped several times in a move that began after 19:30 GMT.
German shares of film operator AMC Entertainment, another active favored last month by traders on online discussion forums, such as Reddit’s WallStreetBets, rose 41% after an 18% rise on the US stock market.