GameStop’s Boom Briefly Vaults Stock to Top of Russell 2000
- It has surged more than 2,000% this year amid day-trader craze
- Robinhood and Interactive clamp down on high-flying stocks
Photographer: Alessia Pierdomenico/Bloomberg
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GameStop Corp.’s epic surge that burned short sellers fueled by an army of day traders briefly made the video-game retailer the biggest company in the Russell 2000 Index.
Despite the several restrictions to curtail trading with the high-flying stock, GameStop climbed as much as 39% to $483 at 10 a.m. in New York Thursday, extending this year’s rally to more than 2,000%. Its peak market value of $33.7 billion is a far cry from the end of 2020, when the company was worth $1.3 billion. GameStop momentarily topped Plug Power Inc., a hydrogen fuel-cell maker, in the gauge of small caps and is now bigger than more than half of the companies in the S&P 500 Index.