GameStop Corp. shares surged Monday, continuing an epic journey for the videogame retailer.
The stock jumped 13% to $46, reversing a string of losses to post its biggest gain in more than two weeks. The shares have lost about nine-tenths of their value since cresting at $483 in intraday trading late last month.
The latest large swing in the company’s shares comes after Keith Gill, the man behind the Reddit-driven frenzy in GameStop stock, disclosed a larger stake in it late Friday. A new screenshot posted on Reddit by DeepF—ingValue, his online username, showed that he bought an additional 50,000 shares, bringing his total stockholdings to 100,000 shares, worth roughly $4 million as of Friday, The Wall Street Journal reported.
The aggressive GameStop position has already made Mr. Gill a millionaire and a hero to many individual investors, particularly those on Reddit’s popular WallStreetBets forum.
The latest activity is a sign that the wild ride for GameStop isn’t quite over.
