Video game retailer GameStop is still struggling to stay afloat despite a Reddit-driven stock surge that drove the companies shares up 400% last week. The store chain anticipates millions of dollars in losses when its first-quarter earnings report emerges, but financial analysts now say the GameStop “short squeeze” set the stage for much larger battles.
“The short squeeze last week that propelled GameStop (GME) and other momentum investments popular with the Reddit crowd now appears to be on hold. GameStop plunged nearly 50% Tuesday while AMC (AMC), silver prices, and silver mining companies also fell sharply,” CNN reported Tuesday. ‘That’s partly due to trading restrictions from Robinhood and other brokers on how many shares of volatile stocks like GameStop, AMC (AMC), Express (EXPR), and Nokia (NOK) that retail investors can purchase in a single stock at a time.”
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