GameStop (GME.US) - after reaching new all-time high shares of the video game retailer turned negative in the afternoon following several volatility halts as the short squeeze and increasing pressure from retail investors. The stock gained more than 100% earlier in the session even despite the fact that Telsey Advisory Group downgraded company's shares to underperform from outperform, citing the sharp run-up.
"The sudden, sharp surge in GameStop's share price and valuation likely has been fueled by a short squeeze, given the high short interest, and, to a lesser degree, speculation by retail investors," the firm said. "We believe the current share price and valuation levels are not sustainable."
GameStop (GME.US) -stock price pulled back from the fresh ATH at $159.65 and erased all of today's gains. Currently price is testing support at $63.42 where previous record high is located. Source: xStation5
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