It’s a very happy Monday for GameStop Corp. investors, as the stock powered higher toward the longest win streak in more than a decade.
The videogame and consumer electronics retailer’s stock GME,
jumped 14.4% in afternoon trading, to put them on track for the highest close since Dec. 7. It has been on a tear of late, as a renewed meme-stock frenzy coincided with rising bearishness.
The stock was on track for a 10th-straight gain, which would mark the third time that streak of gains was accomplished since the company went public in February 2002. The last 10-day stretch of gains ended April 20, 2010, which matched the initial record 10-day streak that ended July 12, 2005.
The stock erased an early intraday loss of as much as 0.3%, before turning higher.
Do not miss: GameStop stock shows rare resiliency as it rises to longest win streak in more than 4 years.
GameStop seemed to acknowledge the stock’s gains, by tweeting about midday “happy Monday” to its 1.8 million followers.
The stock has skyrocketed 122.46% during its current win streak, highlighted by the 30.7% run up on March 22 after a bullish post on subreddit WallStreetBets by user Thump4.
That compares with the 12.84% gain during the April 2010 win streak, and the 13.05% rally during the July 2005 streak. It is also the best performance for any 10-day stretch since it blasted 159.98% higher during the 10-days ended March 12, 2021, in the midst of last year’s meme-stock ”frenzy.
Coincidentally, the latest exchange data showed that short interest, or bearish bets, was 12.66 million shares as of March 22, or 20.1% of the public float, according to data provided recently by S3 Partners. That’s the highest number of shares shorted, according to FactSet, since early March 2021.
Also read: Short sellers are not evil, but they are misunderstood.
GameStop shares have now run up 17.1% year to date, while the S&P 500 index SPX,
has lost 4.7%.