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The falls have been triggered by retail investors deciding to sell their stocks as confidence waivers, with market analysts pointing out that the momentum had collapsed. This was bound to happen – it goes back to the age-old premise that the stock market ultimately at the fringes is driven by greed and fear, said Mike Mullaney, director of global markets research at Boston Partners.
The Reddit rebels have captivated global markets, overwhelming hedge funds around the world as day traders grouped together to drive a furious rally in unloved stocks heavily bet against by Wall Street.
Their tactics of buying and holding stock caught money managers off guard and forced them to sell off their short positions before losses became too great.
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Drawing attention from financial regulators, lawmakers and the White House about possible market manipulation, GameStop‘s stock has dropped a staggering 81 percent just days after it hit an all-time high of $483 USD. As the momentum spurred by traders on r/WallStreetBets slows down, the company’s stock now sits under $100 USD.
The steep drop reveals that major hedge funds that faced a squeeze have closed their short positions after the Reddit rally and many investors that tried to make money off the recent surge have suffered major losses. Other stocks that saw highs recently have also plummeted, with AMC Entertainment going from $20 USD per share to just $6.50 USD and Blackberry following to $11 USD from $28 USD.
Se desploman acciones de GameStop a medida que disminuye el Reddit
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NEW YORK, Jan 31 (Reuters) - Some investors are growing concerned that wild swings in GameStop and other stocks driven by small-time traders could be fresh signs of overexuberance that foreshadow volatility for the broader stock market.
GameStop shares closed up 400% for the week after the video game chain’s stock became a battleground between retail traders and Wall Street professionals, a tussle that captivated investors the world over.
Some market-watchers see those massive gains, as well as the moves in American Airlines and other heavily shorted stocks, as a sideshow in a rally underpinned by Federal Reserve support, anticipated coronavirus relief spending and expectations that vaccines against COVID-19 will help the U.S. economy rebound later this year.
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