GameStop is up 23% as the short squeeze rally enters the second day

News Highlights: GameStop is up 23% as the short squeeze rally enters the second day

GameStop was up a whopping 22.8% on Thursday as more short sellers closed positions and ran to the exit. The company’s announcement on Monday that it would add activist members to its board kick-started a rally with shareholders cheering and squeezing shorts out of their bearish The scale that short-sellers were targeting GameStop is likely only putting the pressure on. worse. Short-term interest rates in GameStop shares reached 135% on Jan. 5, according to S3 Partners data. The jump comes after the video game retailer posted a 57.4% gain on Wednesday, pushing the stock to its highest level since August 2016. .

GameStop surged a whopping 22.8% higher on Thursday, as a record one-day profit got in the way of more short sellers.

The climb marks a fourth straight day of gains for the game retailer after an update was revealed to the board of directors on Monday. GameStop agreed with activist investor RC Ventures to buy three new …

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