Retail investors from Reddit are back on the scene. Reddit army reportedly made another bulk purchase of GameStop stock.
As a result, GameStop shares reportedly jumped. Reporting from CNN, Friday (26/3/2021) GameStop gained nearly 53% in trading on Thursday. This happened because of investors’ expectations of a change in the board of directors of the video game store.
GameStop Can be a Competitor to Amazon
The company previously announced that former Amazon official Jenna Owens would be stepping up as head of GameStop operations. This is considered to be able to change GameStop from being a video game store to become a competitor to Amazon.
Not only did Jenna Owens attract, GameStop also made a replacement in the position of head of finance. They also reduced the board of directors to just nine directors, from initially reaching 13 positions.
Previous GameStop stocks have taken a hit over the past few weeks. Worst of all was Wednesday, when GameStop was down 33% following its unsatisfactory earnings report.
It’s not just GameStop shares that have gotten encouragement from Reddit investors. Investors also picked up several other stocks such as cable television channel AMC, headphone company Koss, and department store network Macy’s.
AMC shares were recorded up 21%, Koss shares also rose 57%. Meanwhile, Macy’s shares gained 8%, the three of them are also favorite stocks of retail investors from Reddit such as GameStop.
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