GameStop bears shorts pulled down as meme-traders push up price (again)

GameStop (NYSE:GME) shares were up more than 40% midway through Tuesday’s trading day as the so-called meme-stock trend continues after sparking back to life in recent sessions.

As in 2021, a frenzy of so-called ‘meme’ trading appears to be executing a “short squeeze” which is pushing up the stock price and triggering heavy losses for the bearish traders betting against the video game retailer.

The buying activity switched into overdrive since social media user 'Roaring Kitty’, aka Keith Gill, resurfaced on social media with a series of cryptic internet meme videos that have evidently amplified the attentions of retail investors and have sent GameStop stock soaring.

At $45.06 today, GameStop is up close to 48% for the session – having seen as high as around $65 in early trade. The price is now up some 180% in recent days, from just under $16.00.

The GameStop rally has inflicted significant losses on short sellers who had reportedly been targeting the stock.

Market data, from Ortex, indicates that shorters stand to lose some $1.2 billion today alone, and their total losses amount to around $2.5 billion for the past month. Thi

Market experts caution against the volatility associated with such speculative trading, as they did in 2021, meanwhile, the rapid rise in price for the so-called meme-stocks continues.