Jim Cramer appears to be flabbergasted by GameStop’s epic run — making this observation early Monday:
‘I’ve never seen the guns like this. They can break shorts.’
Trading by individual investors has led to massive rises in the Texas-based videogame retailer’s stock, which has quadrupled in 2021.
The former hedge-fund notable, commenting Monday during a CNBC program he co-hosts, “Squawk on the Street,” said this is new territory for the market: “The mechanics of the market are breaking down. It’s arguable that these people are all one group.”
surged again Monday, after storming 51% higher on Friday. The gains came after short-selling firm Citron Research and speculative buyers organizing on Reddit clashed over the game retailer.
After the markets closed on Friday, Citron released a video arguing the stock was worth $20.