LEXINGTON, Ky. (LEX 18) — One day after buy orders were halted, trading of GameStop Corp. (GME) resumed on Jan. 29, and it was just as volatile as ever, with swings of roughly two hundred points in both directions between the opening and closing bells. The stock price went from a 52-week low of $2.80 per share back in April to a high of $438.00 achieved during trading earlier this week. So how did this happen, virtually overnight?
“Investors got together and said, ‘Let’s all get together and start buying this stock,’” explained Dr. Russell Jame, a Professor of Economics at the University of Kentucky. “It’s going to push the stock price up and push back against the short sellers,” he continued, before adding the understatement of the year, when saying it’s been “effective.”
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