GameStop Corp. (NYSE: GME) stock plummeted 30% in intraday trading Thursday continuing the sharp reversal of the week’s meme stock rally. Despite this decline, GME shares remain significantly higher for the week.
According to reports from MarketWatch, J.P. Morgan noted that retail participation in GameStop (GME) this week reached its highest level since 2021. Analyst Kamal Tamboli pointed out that retail involvement in GME surged to 30% on Monday, marking a three-year high.
The resurgence in retail interest coincided with the return of Keith Gill, also known as Roaring Kitty, to social media on Sunday night after a three-year hiatus. Gill gained prominence in 2020 and 2021 as a key figure in the GameStop short squeeze saga. His influence led to his testimony before the House Financial Services Committee in February 2021, investigating potential market manipulation.
This week also saw a decrease in shorting activity for GME stock. FINRA data shows that GameStop had a short volume of 24.64 million shares on Wednesday. This followed a short-sale volume of 32.5 million shares on Tuesday, which was less than Monday’s 38.64 million shares.
Despite the slowdown, GameStop still maintains high levels of short interest. According to FactSet data, GME’s short interest represents 24% of the total float which refers to the shares, publicly available for trading.
GameStop (NYSE: GME) Stock Movement
GME stock retreated 30% Thursday, adding to its 18.9% drop from Wednesday. GameStop shares vaulted 53.64% this week through Thursday’s close.
