With many of the stocks involved in the so-called "Reddit rally" slumping this week, hedge funds with bearish positions on GameStop made $3.6 billion in profits compared with losses of $12.5 billion in January, financial analytics firm Ortex said on Friday.
NEW YORK: Shares of GameStop and other companies caught in the recent social media-fueled trading frenzy bounced on Friday, after online broker Robinhood lifted all the buying curbs imposed at the apex of the battle between amateur investors and Wall Street hedge funds.
The videogame retailer, the initial trigger for the market slugfest after gaining popularity on social media platform Reddit's WallStreetBets, closed up 19.20% at $63.77 after hitting a session high of $95, although the wild gyrations seen in the past two weeks appeared to be easing.
Get 30% off with our ads free Premium Plan!
