GameStop extends the week’s rally to 218% as Reddit-trading craze grips markets again

gamestop store
A GameStop store in North Las Vegas, Nevada.

  • GameStop shares climbed to $147.90 in heavy trading Friday, keeping alive a rally that restarted this week. 
  • The spike in shares restarted on Tuesday when they more than doubled during the final minutes of trading. 
  • GameStop this week said its Chief Financial Officer Jim Bell will leave next month. 
  • Visit the Business section of Insider for more stories.

GameStop shares continued to pop Friday, potentially stretching gains to more than 200% for the week, during which retail investors restarted the buying frenzy surrounding the video-game retailer’s stock.

Shares rose as much 31% in heavy volume to $142.90 as the regular session got underway. The sudden surge in shares on Tuesday put them on course to rise by 218% for the week should the price stick with Friday’s early intraday high. 

GameStop this year has been at the center of a mission by day traders on Reddit to squeeze short positions on GameStop’s stock, leading to massive losses for hedge funds and a congressional hearing.

The pickup in action this week led to short sellers losing $664 million on Wednesday as the shares on Tuesday soared by 104% in the final 30 minutes of trading, according to S3 Partners, a financial data services firm. 

Also this week, GameStop said Chief Financial Officer Jim Bell will leave in late March, which will be less than two years into his work at the retailer.