GameStop Corp. shares surged Monday, continuing an epic journey for the mall retailer.
The stock jumped around 16% in recent trading to $46.78, recovering some of its losses from last week. The shares have lost some nine-tenths of their value since cresting at $483 in intraday trading late last month.
The large swing in the company’s shares comes after Keith Gill, the man behind the Reddit-driven frenzy in GameStop stock, disclosed a larger stake in it late Friday. A new screenshot posted on Reddit by DeepF—ingValue, his online username, showed that he bought an additional 50,000 shares, bringing his total stockholdings to 100,000 shares, worth roughly $4 million as of Friday, The Wall Street Journal reported.
The aggressive GameStop position has already made Mr. 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 the wild ride for GameStop isn’t quite over.
