NEW YORK: Shares of video game retailer GameStop tumbled nearly 20% Tuesday to their lowest levels since he start of a retail investor-led surge that echoed across Wall Street.
Investors who followed the popular Reddit forum WallStreetBets helped push shares of GameStop to a closing high of $347.51 on Jan. 27 as part of a strategy to squeeze hedge funds that had taken a short bet on the retailer. Since then, GameStop has tumbled about 85% to near $40 a share.
The average price target of analysts tracked by Refinitiv on the company is $13.44.
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