Shares of the video game retailer spiked Friday morning after Robinhood removed temporary restrictions on buying the stock championed by Reddit’s WallStreetBets forum, trimming gains to 15 per cent just after 12 p.m. The first two hours of trading saw investors exchange 65 million shares, higher than the rate seen over the past two weeks. (Bloomberg)
Skip to content
Shares of the video game retailer spiked Friday morning after Robinhood removed temporary restrictions on buying the stock championed by Reddit’s WallStreetBets forum, trimming gains to 15 per cent just after 12 p.m. The first two hours of trading saw investors exchange 65 million shares, higher than the rate seen over the past two weeks. (Bloomberg)
Talking point: GameStop has been framed as a David versus Goliath story, pitting scrappy, chicken tender-eating retail investors against the fat cat-hedge funds that were shorting the stock. However, data from JPMorgan’s quant team shows GameStop wasn’t among the 10 stocks most traded by retail investors last month, suggesting institutional investors looking to make a quick buck on the upswing may have actually been the biggest drivers of volatility. Meanwhile, regulatory filings show Robinhood collected nearly US$700 million in fees in 2020 for “payment for order flow,” in which a firm takes a cut by matching orders for shares or options from retail traders with a broker selling stock.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
The Big Read
The small team in Montreal trying to save the world from AI
Briefing
First Quantum said to consider selling stake in Argentina mine
Sagard’s private credit fund raises US$1B
Electrovaya shares surge after striking major deal with Amazon
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
