GameStop stock stock surged again early Tuesday, adding to a 74% rise on Monday as meme stocks appear to be back in vogue.
) rose more than 60% on Tuesday, adding to a rally that sent shares of the video game retailer up 74% Monday.
Colas noted that the move back in 2021 was quite a bit larger than what we've seen so far this time around, with GameStop stock rising 1,500% in January 2021 before forfeiting most of those gains.The pain short sellers endured during the original meme stock rally three years ago hasn't deterred bets against these companies, however. Short interest in GameStop has remained elevated since that meme rally, data from S3 Partners showed, with 24% of the float sold short as of Monday.
A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange in New York City, U.S., March 29, 2022. REUTERS/Brendan McDermid"I don't look at this at all like I did in 2021 when it was almost a transformational moment, dragging, you know, tens of millions of people back into the marketplace," said Tom Sosnoff, CEO of tastylive, an options and futures trading platform.
“The perception is that the entire system is set up and insulated to benefit the powerful elite. GME is the symbol of the populist movement against that concept,” said Kohrs.
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