GameStop soars 23% as short-squeeze rally charges into 2nd day
Ben WinckJan 14, 2021, 20:59 IST
Mairo Cinquetti/NurPhoto/Getty Images
GameStop soared as much as 22.8% on Thursday as more short-sellers closed positions and ran for the exit.
The company's Monday announcement that it would add activist members to its board kicked off a rally that's left shareholders cheering and squeezed shorts out of their bearish bets.
The scale to which short-sellers were targeting
GameStop likely exacerbated the squeeze. Short interest in GameStop shares reached 135% on January 5, according to S3 Partners data.
The leap comes after the video-game
retailerscored a 57.4% gain on Wednesday that pushed shares to their highest level since August 2016.