GameStop stock (GME) soared in value on Wednesday, peaking at $348.50 per share. Then, in an event that’s definitely not cause for concern, minutes later it lost fully half its value by plummeting to $172, Bloomberg reports. Yes, “stonks” are back, and GameStop is once again in the crosshairs of online amateur investors.
Wednesday’s drama ultimately ended with the price settling back down to $265 per share, but it’s hard to not feel déjà vu. It seems like it was only yesterday when everyone was watching in a mixture of shock, amusement, and general concern as GME crested $483 per share. The rise and fall doesn’t quite compare, but the losses for anyone who sold during Wednesday’s dip in price are likely huge.https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&frame=false&hideCard=false&hideThread=false&id=1369703170088304643&lang=en&origin=https%3A%2F%2Fwww.theverge.com%2F2021%2F3%2F10%2F22323839%2Fgamestop-stock-price-dramatic-rise-fall-stonks-return&siteScreenName=verge&theme=light&widgetsVersion=e1ffbdb%3A1614796141937&width=550px
Wow! What a chart Never seen anything like this intraday
*GAMESTOP PLUNGES, ERASING NEARLY ALL ITS GAIN; SHARES HALTEDhttps://t.co/a0qRraCmeN pic.twitter.com/7jpwbILOV7— Joe Weisenthal (@TheStalwart) March 10, 2021
Having something you invested in suddenly worth 50 percent less can’t feel good, but it really depends when you originally bought in and if you’re still holding now: GME was worth $17 per share in January, but through some gonzo investing, the stock is now trading in the hundreds of dollars. It remains unprecedented.
Like before, there’s no telling where this goes next, but I think it’s safe to say it isn’t over yet.