GameStop Corp.’s latest winning streak has catapulted it to the highest in weeks as Chewy Inc. founder and activist investor Ryan Cohen continued to shake up operations at the video game retailer, taking retail investors by storm.
Shares of the Grapevine, Texas-based company climbed 27% to $246.90, extending its winning streak for a fifth day. The gain follows Monday’s 41% climb after the company said Cohen would lead a new committee focused on its digital transformation.
Retail investors’ Reddit-driven frenzy has kept its shares afloat despite the broader market’s recent volatility and tech selloff. The stock has more than doubled over five days. While the Nasdaq 100 fell 11% from a record into a correction yesterday, it rebounded by 4% on Tuesday. Even so, GameStop remains far from its Jan. 28 intraday record of $483.