On Wednesday afternoon, GameStop Corp. (NYSE: GME) stock was up more than 800% off of its February lows, reaching a peak of $348.50 at 12:15 p.m. Eastern.
But the bullish run ended in a spectacular price collapse. The stock lost more than 50% of its value, falling to a low of $172.06 in just 25 minutes.
During the price collapse, the stock was halted three times, so the actual trading time was only about 10 minutes.
At writing, the stock has been halted six times during Wednesday’s trading session and is currently trading in the mid $200s.
GME was among several “meme stocks” that became extremely volatile in January when members of the Reddit group WallStreetBets started buying the stocks aggressively.
The activity caught the eyes of lawmakers in Washington, D.C.
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