Something strange happened to GameStop stock on Monday. Minutes after the opening bell, both the price of GameStop shares and the trading volume exploded.
Something strange happened to GameStop Corp. GME stock on Monday. Minutes after the opening bell rang out on the New York Stock Exchange, both the price of the company’s shares and trading volume exploded.
Then, roughly five minutes after the market opened, GameStop shares were suddenly halted by the NYSE, which cited the “Limit Up Limit Down” rule. Within the span of about 10 minutes, trading was briefly halted twice, according to data published by NYSE, which is owned by Intercontinental Exchange Inc. ICE
During the first hour of Monday’s session, 12,696,871 shares changed hands. That’s nearly 1,200% higher than the average volume for that period over the past 30 trading sessions, according to DJMD.Wedbush Securities analyst Michael Pachter, who has covered GameStop for years, said he didn’t see any particular reason behind Monday’s action. Another Wall Street analyst didn’t return a request for comment from MarketWatch.
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