If you thought you were done with the GameStop (GME) saga, think again:
Shares of the video game retail company at the center of last month’s Reddit-fueled WallStreetBets short squeeze are rising once again, up around 90 percent to $173.50 per share at the time of this writing.
This climb follows a 104% gain on Wednesday.
And as strange as it was to see a group of Reddit traders fuel the last major rally in this embattled stock, the explanation behind this surge may be even stranger.
Many are attributing this surge to a cryptic tweet from GameStop board member, Chewy founder, and activist investor Ryan Cohen.
— Ryan Cohen (@ryancohen) February 24, 2021
The tweet featured nothing but a McDonalds’ ice cream cone and a picture of a frog emoji.
Explanations ranged all over the place, but some analysts believed it was a reference to the MACD, a popular trading indicator, suggesting that Gamestop was feeling” froggy” and ready for another rally.
If that was the intention, the tweet was certainly a success.
But GameStop has seen renewed focus on Reddit as well, as the March exit of CFO Jim Bell grows ever closer.
Whatever caused the spike, it’s happening rapidly. The price is now around $170 per share.
Clearly, this is a fast-developing story and one to monitor closely today if you are interested or affected in any way.