The company was heavily shorted by some most popular hedge fund Melvin capital. But the investors has gone crazy through the conversation in Reddit. The stock price is up more that 1500% in a month and as of now its $412.
Not only GME, other heavily shorted stocks like AMC, BB, NOK, BBBY, etc. are also up. This short squeeze is hurting institutional investor a lot while the retail investors are enjoying it. Not to mention, this is life time opportunity for some of the investors.
Even though this rapid increase in the stock price does not follow any fundamentals, the millennials do not care. Some game a typical name as a meme investor, not value or growth investor. But is this going to hurt the normal investors? How will this effect the future of the market? This is yet to be known.