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GameStop shares double on Wednesday surprising reddit traders

Shares of GameStop, an American video game and consumer electronics company, doubled suddenly on Wednesday afternoon surprising traders.

GameStop stocks ended trading day by going nearly 104 percent up. Trading on the stock was halted twice on Wednesday afternoon.

GameStop soared more than 1,600% in January as retail investors bought shares of the company to punish hedge funds.




Major hedge funds had bet billions of dollars that GameStop’s shares would fall.

But they have faced major losses after amateurs, swapping tips on social media sites like Reddit, drove up the share price by more than 700% in one week.

Wednesdays rise surprised redditors. On the popular WallStreetBets forum on Reddit a user wrote: “Why is GME going back up..”



The GameStop saga was hailed as a victory of the little guys against big Wall Street hedge funds that were betting against video games retailer GameStop and other struggling businesses.

The retail trading frenzy drew concern from regulators and has even led to a Congressional hearing in the US.