Why Do Millennials Love GameStop Stock?
GameStop (NYSE: GME) mania has come and gone, but for the video game retailer's biggest fans the love affair isn't over.
GameStop shares famously skyrocketed in January, driven when a band of mostly millennial traders on the Reddit message board WallStreetBets executed a short squeeze and a gamma squeeze, lifting the price from less than $20 at the beginning of the year to as high as $483 at its peak on Jan. 28.
That bubble burst, however, and the stock fell back down to near $40 per share. But then it surprisingly rallied again through February and March, pushed by the same group of traders, on hopes that Chewy co-founder Ryan Cohen -- who will become chairman of Gamestop after the company's annual shareholder meeting in June -- can execute a successful transition to e-commerce.
Source Fool.com
