GameStop still has some life in the stock market.
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GameStop Stock skyrocketed on Monday, closing at $ 194.50, an increase of 41% over the opening price. The rise coincided with the rise of the stock market after the passage of the COVID Relief Bill in the Senate on Saturday and news that the company is developing a new e-commerce strategy with Chewy.com founder Ryan Cohen at the helm.
Cohen, who made a major investment in the video game retailer last year, will lead a committee to develop initiatives to transform GameStop, the company said in a press release on Monday. The focus will be on making the company a technology business and looking for areas where it can improve in this aspect.
GameStop shares skyrocketed at the end of January, thanks to a push from merchants on subreddit r / WallStreetBets, peaking at around $ 480. It has since continued to fall, losing much of its value.
Shares rose slightly in late February, after news that Jim Bell, the retailer’s chief financial officer, is stepping down. Bell did not leave the company willingly, according to Business Insider. He was reportedly expelled by the board for lack of faith and an initiative by Cohen to remodel the company.
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