GameStop soars nearly 70%, trading briefly halted amid epic short squeeze

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  • GameStop soared as much as 69.4% to a high of $72.88 on Friday, bringing its gains to over 100% this week alone.
  • GameStop has more than 138% of its float shares sold short, the single most shorted name in the U.S. stock market, according to FactSet.
  • The stock initially jumped higher last week after the company announced that Chewy co-founder and former CEO Ryan Cohen is joining its board.

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The video game stock soared as much as 69.4% to a high of $72.88 on Friday, bringing its gains to over 100% this week alone. Trading in the stock was briefly halted due to high volatility. The stock last traded up about 35% to around $58.

GameStop has more than 138% of its float shares sold short, the single most shorted name in the U.S. stock market, according to FactSet citing the latest filings.

The stock initially jumped higher last week after the company announced that Chewy co-founder and former CEO Ryan Cohen is joining its board. The news triggered massive short covering where hedge funds and other players had to rush in to cover their bets against the stock.

VIDEO3:5003:50
Jim Cramer breaks down the short busting in GameStop, Bed Bath & Beyond
Mad Money with Jim Cramer

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