The mother of all meme stocks is working again.
Shares in GameStop reached 103.9 percent on Wednesday, with almost all the action bubbling up in the last hour of trading.
The bizarre rally resulted in video game retailer stocks being halted for less than 30 minutes before the closing bell rang – and Reddit crashed by 4pm as viewers rushed to the site to find that what’s going on.
“Wtf !!! How to go from $ 45 to $ 110 an hour… so glad I bought something else for $ 43, ”one user wrote.
The frenzied purchase closed the video-game retailer’s stock at $ 91.71 with a share of $ 46.74 and continued to rise after hours, recently rising 59.2 percent to $ 146.00.
The rally Wednesday reshuffles an executive suite – and fresh rumors on Reddit of Wall Street’s attempts to reduce stock, or to wager on its decline.
Shares of the Texas-based video game retailer had asked GameStop Chief Financial Officer James Bell to leave on March 26 after serving less than two years.
The company did not explain why Bell was leaving, but hinted that saying the move could help Supercharge in its digital development plans.
Meanwhile, Business Insider reported that Bell was pushed as co-founder by Ryan Cohen Chewy, which invested in GameStop last year to help the company move online and into more digital games.
Rumors on Reddit’s WalvetBets trading forum may have helped fuel more sales to rally. After 2:30 pm, a user posted that “1.4 million more GME shares have been borrowed today (so far). Hedge funds are flooding the market with shorts.”
That post was later deleted, but fellow Redditors had already begun to respond by posting memories of the rocketship and “Diamond Hands” that the Warcraftbats army signs to each other that they are in a stock Let’s plan to solve.
Attacking Wall Street’s short sellers was a driving ethos behind the GameStop rally that sent the stock up more than 1,600 percent in the weeks before. And it served to hurt big hedge funds such as Melvin Capital, which plunged by 53 percent last month.
The retail trade frenzy has become the subject of film and book deals. This led to a hearing with popular reditors such as Keith Gill during last week’s hearing on Capitol Hill, which resulted in his continued confidence in the stage.
Gill – who goes by the name of “Roaring Kitty” on YouTube and “Deepf *** Inglelu” on Reddit – also sent Gamertop shares on Monday, after which he revealed that one of the grills by MPs Days later he doubled down on his investment.
Gill reacted to the rally on Wednesday. Tweet a jiff A man is beating the drum and the cat is banging on the drum.
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