There is a store.
The press can be viewed here
The day traders are reminiscing about the time last year when the stock was less than a tenth of what it is worth.
One year ago today, GME closed at $13.90 The GameStop ticker closed at $213.90 today, according to one person on the r/Superstonk thread. More than 12,000 people voted on the post.
That price has a 1,438% rally in one year. In that year, day traders used social media to buy shares of a nostalgic brick-and-mortar company they believed in and squeeze short sellers.
The trend became noticeable in January when shares started to go up, despite Wall Street professionals advising prices much lower. The mania led to a new class of assets called meme stocks and a new Wall Street vocabulary that included words like "hodl," "moASS," and "diamond hands."
The rally in GameStop shares came to a screeching halt when retail trading platform Robinhood stopped buying shares. The pause caused outrage from retail traders, a Congressional hearing, and a share slump back to double digits.
It didn't really affect the spirits of the retail crowd. In March, the shares picked up steam again and have remained in triple digits. Retail traders want an even higher valuation.
In a Tuesday post on the website, some people argued that GameStop could eventually reach a $1 trillion valuation, which is vastly higher than the current $16 billion market cap.
"A one trillion dollar market cap means $13k shares, which I think is completely doable within the next 3-4 years, without any squeeze action," wrote one person.
The company's moves into the metaverse with its own platform for non-fungible token and the new chairman in Chewy Ryan Cohen have been cited as reasons for the company's continued optimism. The company has been on a hiring spree to build out its push into the future internet.
Business Insider has an original article.
