GameStop shares jumped 100 percent and WallStreetBets is ecstatic

GameStop is in the air … again, a lot. Before the market closed on Wednesday, the video game retailer’s shares started to rise, and GME closed at $ 91.71 – up almost 104% on the day.

It is the highest share value since it fell to Earth earlier this month, after the unprecedented rally, fueled by Reddit, which raised it to $ 483 per share. During the afternoon, the stock trading was interrupted twice.

It is not exactly clear what is happening here. But one group is celebrating: r / WallStreetBets. The retail investor community is ecstatic with the results and hailing the jump as proof that the GME roller coaster is not over yet. It seems that there is so much interest in the community that it is currently suffering from the incoming traffic load.

Several events this week may be contributing to the increase. On the one hand, GME defender Keith Gill, known online as Roaring Kitty or by his most profane name u / DeepFuckingValue, testified last week at a hearing on the House Financial Services Committee at the GameStop rally, in which he defended his case as a daily investor who simply liked the stock. At the end of last week, Gill doubled its holdings in GME to 100,000 shares, worth about $ 4 million at the time, reports Wall Street Newspaper.

Gill’s willingness to double his enthusiasm for GameStop may be a factor explaining the rise in stocks today, but it is certainly not the only one. Former GameStop chief financial officer Jim Bell announced his resignation yesterday, a sudden departure Insider now the reports may have been less friendly after the company’s board of directors “lost faith” in the executive. This may be fueling investor enthusiasm.

And finally, and most inexplicably, Chewy founder Ryan Cohen – the GameStop board member whose interest in the company helped facilitate the stock price skyrocket – tweeted a photo of a McDonald’s ice cream cone with a frog emoji as a caption. What could this have to do with GME’s new rising stock price? Who knows. But at this point, I am willing to believe anything.