Home Hedge Funds GameStop jumps higher as investors applaud hedge fund interest

GameStop jumps higher as investors applaud hedge fund interest


  • NYSE:GME gained 9.35% during Tuesday’s trading session.
  • GameStop Apes are cheering that Ray Dallio is amongst GameStop’s new investors.
  • GameStop investors seem to have digested the hiring of Nir Patel as the new COO.

NYSE:GME rebounded nicely on Tuesday as meme stock investors seem to have taken the time to digest Monday’s odd response to the new COO hiring. Shares of GME jumped by 9.35% on Tuesday, and closed the trading session at $100.38. The former lead meme stock is still trading well below both its 50-day and 200-day moving averages, although it has recovered well from its recent drop to a 52-week low price of $77. All three major indices also bounced higher on Tuesday, despite late-session words from Fed Chairman Jerome Powell that foreshadowed more rate hikes in the future. The Dow Jones added 431 basis points, while the S&P 500 and NASDAQ gained 2.02% and 2.76% respectively during the session.

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Perhaps in an ironic twist, GameStop Apes have embraced that hedge funds have been adding the stock to their portfolios. Investors seem to specifically be rallying around Ray Dallio and his Bridgewater Associates fund that bought shares of both GameStop and AMC (NYSE:AMC). It is even more interesting that Dallio sold a portion of his Tesla (NASDAQ:TSLA) stake to buy shares of the meme stocks. Shares of AMC were also up by 10.26% during Tuesday’s session.

GameStop stock price

GME Stock

One day after a fairly negative reaction to GameStop hiring the current Belk CEO as its new COO, investors seem to have digested the new executive change. Tuesday’s gain erased most of Monday’s losses, as the news of institutional interest in the stock seems to have eased concerns about Nir Patel’s short stint as CEO of Belk.

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