Technology

GameStop's (GME) Rally Continues

December 23, 2020 — 05:24 pm EST

Written by Madeleine Johnson for Zacks

Shares of video game retailer GameStop <a href="/market-activity/stocks/gme">GME</a> are soaring again on Wednesday after a major shareholder increased their stake in the company. GME was up as much as 12% in mid-morning trading following a 23% gain on Tuesday; the stock closed up 5.7% to $20.57 per share.Ryan Cohen is the co-founder of pet e-commerce platform Chewy <a href="/market-activity/stocks/chwy">CHWY</a>, and reported in an SEC filing that he’s taken a 12.9% stake in GME through his firm RC Ventures. Cohen previously owned about 10% of GameStop, and has called for a strategic review to help GME transition from traditional brick-and mortar retailer to full-fledged tech company. Cohen also vowed to create long-term shareholder value.GME is one of the most shorted stocks on the market, but Cohen’s determination will surely make short sellers reevaluate their positions.GME is up almost 240% year-to-date.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.<a href="https://www.zacks.com/registration/ultimatetrader/welcome/eoffer/4e87?add=1669&adid=ZCOM_ZU_IOT_Report_C_STOCKSINTHENEWS_12230&icid=EOAC-STOCKSINTHENEWS-tx-ZU122320">Click here for the 6 trades >></a> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. <a href="http://www.zacks.com/registration/pfp/?ALERT=RPT_7BST_LP194&ADID=NASDAQ_CONTENT_ZER_ARTCAT_VIDEO_BLOG&cid=CS-NASDAQ-FT-video_blog-1202375" target="_blank">Click to get this free report</a> <a href="http://www.zacks.com/registration/pfp?ALERT=NASDAQ_ZER_A388&d_alert=ZER_CONF&t=GME&ADID=NASDAQ_CONTENT_ZER_ARTCAT_VIDEO_BLOG&cid=CS-NASDAQ-FT-video_blog-1202375">GameStop Corp. (GME): Free Stock Analysis Report</a> <a href="http://www.zacks.com/registration/pfp?ALERT=NASDAQ_ZER_A388&d_alert=rd_final_rank&t=CHWY&ADID=NASDAQ_CONTENT_ZR_ARTCAT_VIDEO_BLOG&cid=CS-NASDAQ-FT-video_blog-1202375">Chewy Inc. (CHWY): Free Stock Analysis Report</a> <a href="http://www.zacks.com/stock/news/1202375/gamestops-gme-rally-continues?cid=CS-NASDAQ-FT-video_blog-1202375">To read this article on Zacks.com click here.</a> <a href="http://www.zacks.com/">Zacks Investment Research</a>

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GameStop's (GME) Rally Continues

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