Shares of GameStop Corp. rallied Friday, to extend the win streak that started nine trading days ago after closing at a one-year low.
The videogame and consumer electronics retailer’s stock GME,
charged up as much as 11.1% intraday before paring gains to be up 3.5% in midday trading. It has rocketed 88.7% amid a nine-day winning streak.
If the gains hold, it would mark the longest win streak since the nine-day stretch that ended Nov. 29, 2017. The highlight of the streak so far was the 30.7% spike up on March 22, after a poster on subreddit WallStreetBets, in true meme-stock fashion, touted the stock as being nearly 60% undervalued.
Appropriately, the stock’s nine-day performance is the best since it climbed 119.7% during the nine-day stretch ended March 12, 2021, in the midst of the boom in meme stocks. In comparison, the stock’s best-ever nine-day performance was 1,006.7% through Jan. 27, 2021, at the peak of the meme-stock frenzy.
During the current win streak, GameStop investors have demonstrated a rare resiliency, as they erased two double-digit percent intraday declines to close higher. The stock was down as much as 10.0% intraday on March 18 following disappointing fourth-quarter results before closing up 3.5%, and was down as much as 10.1% on Thursday before closing up 1.0%.
During the height of the meme-stock boom during the first quarter of 2021, the stock only reversed one double-digit intraday decline to close higher, when it plunged as much as 30.3% on March 10, 2021 before closing up 7.3%.
And only three times during the current streak did the stock show gains for the entire session.
GameStop’s stock has slipped 0.7% year to date, while fellow meme-stock AMC Entertainment Holdings Inc. AMC,
has tumbled 25.2% and the S&P 500 index SPX,
has lost 5.2%.