) stock is heading for its normal range. On May 14th, GME shares boosted the gaming retailer’s market valuation to $14.91 billion. This range was last seen in November 2021.
People should buy GME stock to force the short-sellers’ hands. Through call options and buying of regular GME shares, retail traders kept doubling GME prices for multiple weeks, forcing short sellers to cover their losses. Melvin Capital lost the good graces of Ken Griffin’s Citadel Securities. The play is different on the side of companies, though exposed to meme stock trading. On May 17th , GameStop announced the issuance and sale of up to 45 million new shares, inflating the total GME stock pool to 351.19 million. The filing also noted the following:
The company received similar attention in early 2021, going up from $2.91 on May 10th to $6.85 per share on May 14th. Yet, its crash is more muted at the present price of $4.75, up 50% from its 52-week low of $2.38 per share.
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