GameStop (NYSE: GME) took shareholders on a wild ride last year, as investors tried to make sense of conflicting trends that could either lift it to new heights or crush its business entirely. GameStop stock began the year around $6, but plunged in the early days of the COVID-19 pandemic, bottoming out below $3 in early April. However, shares of the video game specialist rallied beginning last summer, driven by the arrival of a new generation of gaming consoles, activist investor involvement, and anticipation of the economic reopening to come.
GameStop stock ended 2020 at $18.84. It proceeded to double earlier this week, soaring from a closing price of $19.95 on Tuesday to $39.91 by the end of the day on Thursday. The stock rose further in after-hours trading on Thursday, pointing to the potential for further gains.
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GameStop Stock Surges 100% in 2 Days, but It Won't Last