The Truth About GameStop According To Wall St

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A meteoric rise in the share price of GameStop has trained the eyes of stock market watchers on a fast-growing Reddit discussion board called Wallstreetbets, where it appears that 20-somethings armed with cheap and easy stock-traiding apps like Robinhood, MooMoo and TradeStation are targeting stocks to soar and hedge funds for takedowns.

The drama sent GameStop shares up nearly 2,000% at one point in less than a month. On Wednesday, the stock price of the troubled retailer of video games soared yet again, this time up more than $200, to surpass $350 a share. GameStop's stock price fell a bit closer to earth on Thursday, dropping by about a third, or about $115, to $235. But that's still up from the mere $14 a share GameStop had commanded in December.

While GameStop shares have been a favorite of Wallstreetbets members, it's a money-losing company that has been closing stores amid years of slumping sales and been a target of hedge funds and so-called short-sellers who wager that the shares of particular companies will fall.

Adding to the interest: fantastic claims of overnight riches. One prominent Wallstreetbets member said he turned a $50,000 investment in GameStop into $22 million, mostly in the past few weeks, and that his GameStop fortune had soared to a mind-boggling $48 million as of Wednesday night. Kevin Roose, a New York Times reporter, tweeted on Monday about a chat on Wallstreetbets that included a "prepubescent kid" saying he had made $15,000 on GameStop that day by trading on his brother's investment app.