On Reddit, there was a noticeable lack of discussion about the stock market on Tuesday.
Shares of GameStop fell nearly 20% on Tuesday as a result. Video game retailer’s lowest levels since the start of a retail investor-led surge that rippled across Wall Street.
Crushing hedge funds: a plan of attack
Additionally, the retailer’s short-selling hedge funds were part of a strategy to squeeze them!
Shares of GameStop reached a closing high of $347.51 (Rs 25,323) on January 27, 2021, thanks to investors who tracked WallStreetBets, a popular Reddit forum. Since then, the share price of GameStop has dropped by about 85% to around $40 (Rs 2,914).
Trading in the afternoon saw the S&P 500 remain unchanged.
As GameStop fell in value, so did AMC Entertainment Holdings Inc., the largest movie theater chain in the world with its headquarters in Kansas’ Leawood. BlackBerry Limited also fell in value, falling nearly 4 percent. Stock market index S&P 500 was flat in afternoon trading on Tuesday, measuring the performance of 500 large US companies on stock markets.
Refinitiv’s average price target for the company is $13.44. (Rs 979.37).
As a result of agency input,