GameStop shares tumble nearly 20% as retail-driven surge dies down

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

GameStop
Reuters NEW YORK
1 min read Last Updated : Feb 09 2021 | 11:58 PM IST

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)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :United StatesUS stock markets

First Published: Feb 09 2021 | 11:50 PM IST

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