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GameStop apparently still has some life on the stock market.
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GameStop stock continued to rally Tuesday, rising 21% to $236. This came after a buying frenzy on Monday, with shares rising 41% in a single day. That rise coincided with a lift to the entire stock market after Saturday’s passage of the COVID relief bill in the Senate, as well as with an announcement that the video game retailer is developing a new e-commerce strategy with Chewy.com founder Ryan Cohen heading that effort.
Cohen, who made a large investment in GameStop last year, will lead a committee to seeking to transform GameStop into a “technology business,” the company said in a press release Monday.
GameStop shares skyrocketed from less than $20 in early January to more than $480 at the end of January thanks to a massive push by traders on the Reddit forum r/WallStreetBets. The stock price has dropped dramatically since then.
Shares moved back up a bit in late February following news that Jim Bell, the chief financial officer, is resigning. Bell didn’t leave the company willingly, according to Business Insider, and was reportedly pushed out by the board.
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