GameStop tumbles nearly 20% as retail-driven surge dies down

By David Randall NEW YORK (Reuters) - Shares of video game retailer GameStop tumbled nearly 20% Tuesday to their lowest levels since he start of a retail investor-led surge that echoed across Wall Street. Investors who followed the popular Reddit forum WallStreetBets helped push shares of GameStop to a closing high of $347.51 on Jan.

Reuters February 10, 2021 00:06:11 IST
GameStop tumbles nearly 20% as retail-driven surge dies down

GameStop tumbles nearly 20 as retaildriven surge dies down

By David Randall

NEW YORK (Reuters) - Shares of video game retailer GameStop tumbled nearly 20% Tuesday to their lowest levels since he start of a retail investor-led surge that echoed across Wall Street.

Investors who followed the popular Reddit forum WallStreetBets helped push shares of GameStop to a closing high of $347.51 on Jan. 27 as part of a strategy to squeeze hedge funds that had taken a short bet on the retailer. Since then, GameStop has tumbled about 85% to near $40 a share.

The average price target of analysts tracked by Refinitiv on the company is $13.44.

(Reporting by David Randall; Editing by Nick Macfie)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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