One of the meme-iest of all the meme stocks is GameStop (symbol GME) which had been battered down to 2.57 on April 3rd of last year and closed today at 31.49, a gain of about 1100%. Not bad for a retail store that sells games. You can plainly see the jaw-dropping short squeeze that took place today on this intraday chart, which pushed prices over 57% higher.
Here is the daily chart. As you can see, the stock was at a lifetime low nine months ago, and is almost at a lifetime high right now.
The Super Summary Page, located here, shows us the short interest. A moment of silence, please, for the GME bears out there, who have been cremated for months now. This is a massive amount of short interest, which might explain the record volume today.
One slightly famous guy on WSB goes by the ever-so-closely handle of deepfuckingvalue, and he shoved his life savings into GME last year (AKA the ‘YOLO” trade). To his credit, he didn’t hesitate to share the enormous losses the position took on when he first established it……………
Let’s just say that his patience and tenacity have paid off for him in a life-changing way. I wonder how long this guy intents to hold on. On the one hand, he is guaranteed an incredible profit, no matter what, but on the other………he’s got to take the money at SOME point!