GameStop Shares Jump After Short-Lived Crash and DraftKings Shares Gain After Investor Day Conference
On Wednesday, shares of GameStop gained 7.33% before the market closed. GameStop’s stock closed up after taking investors on a wild roller coaster ride.
Shares opened on Wednesday at $269 per share before skyrocketing 30% to roughly $349 at noon. Then unexpectedly, the stock plunged 43% in a little over 30 minutes before rising back to $265 an hour later.
The stock was halted seven times amid the volatility.
GameStop’s recent positive price movement can be attributed to investors reacting positively to news that co-founder and former CEO of online pet supplier, Chewy would be joining GameStop to help transition the company to an e-commerce business.
Shares of GameStop are up over 105% in the past five days.
On Wednesday, shares of online betting platform DraftKings jumped, closing up 11.40% before the market closed.
Shares closed higher after DraftKings’ Investor Day conference impressed Wall Street analysts and investors.
Analysts upgraded their price targets and expect in-game betting will accelerate success in player engagement, retention, and monetization — analysts hold a bullish consensus on the company. And on Wednesday, Cathie Wood’s ARK innovation ETF (ARKK) bought an additional 949,200 shares of DraftKings, bringing its total holdings to around 1.7 million shares.
Investors are anticipating DraftKings to dominate the North American market and have long-term prosperity internationally.
Shares of DraftKings are up over 45% this year.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.