GameStop share price up 100 per cent as Reddit’s WallStreetBets celebrates

The video game retailer’s shares have started to soar yet again – by a lot – sending Reddit’s WallStreetBets into an online frenzy.

GameStop has shot up again, with the video game retailer’s stock closing at US$91.71 (A$115) on Wednesday – a massive boost of more than 100 per cent in just one trading day.

It’s the highest the stock has been since the Reddit-fuelled frenzy in January which sent the stock as high as US$483 ($A626) a share.

RELATED: Robinhood admits mistakes on GameStop

RELATED: GameStop tries to snap losing streak

$GME +100% pic.twitter.com/qIWLTfveHq

— Joe Weisenthal (@TheStalwart) February 24, 2021

There was so much activity, trading the stock was halted twice in Wednesday’s trade.

Members of the Reddit subgroup WallStreetBets, where the GameStop commotion started, are ecstatic at the results.

They didn’t hide their excitement, with comments ranging from “I’M NOT SELLING” to “I’m back baby!”.

What you see right now when sorting r/WSB by new pic.twitter.com/IVp21gjf2V

— Brian Fung (@b_fung) February 24, 2021

This comes after a losing streak earlier this month, with a brutal downfall for rookie traders in the first two weeks of February after the excitement of the January surge.

The Texas-based retailer’s market value had plunged in early February by about $US30 billion ($A38.8 billion) from the peak it reached on January 28.

GameStop shares have picked up again after a losing streak in early February. Picture: Victor J. Blue / Bloomberg

The social network’s role in the recent stock market revolution thrust it into the spotlight, with Reddit managing to double its valuation to $US6 billion ($A7.7 billion).

Reddit also raised more than $US250 million ($A323 million) from investors to use towards videos, advertising, consumer products and moving into international markets.

“We decided that now was the right opportunity to make strategic investments in Reddit including video, advertising, consumer products, and expanding into international markets,” Reddit said in a blog post announcing the financing.