GameStop Shares Pinball as Retail Traders Battle for Direction

GameStop on Wednesday has gyrated in a range of $172 to more than twice that at $348.50, prompting several trading halts.
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GameStop  (GME) - Get Report has pogoed on Wednesday, with retail investors on both sides of the trade battling for control of the stock's direction.

Trading in the Grapevine, Texas, videogame retailer’s shares on Wednesday has been halted at least four times for volatility. They recently traded at $263.86, up 6.9%.

The stock in Wednesday trades has bounced around in a range of $172 to more than twice that at $348.50. It traded at $483 in January -- and $2.57 early last April.

Individual investors expressing themselves in the Reddit chats have been a big part of the stock’s move up and down in recent months.

One user’s posting about GameStop on Reddit’s wallstreetbets section Wednesday simply read: “HolyMoly,” typed over and over again.

Another post read: “GME broke $300! let's keep this rocket going so strong it makes Papa Elon proud.” The poster was referring to a Jan. 26 tweet from Elon Musk that read “Gamestonk!!”

To be sure, not all the Reddit commentary on GameStop was positive Wednesday. 

“All this price movement in a matter of months can make an investor queasy,” read a Motley Fool commentary posted by a Reddit user. “It’s better to invest in stocks that are less volatile and have more promising long-term prospects.”

GameStop shares soared on Monday amid reports that the retailer would ask Chewy.com  (CHWY) - Get Report Founder Ryan Cohen to lead its e-commerce strategy. 

GameStop said it has created an inter-company committee, which includes Cohen, to "identify initiatives that can further accelerate the company’s transformation."