REUTERS -Shares of Reddit-favorite GameStop Corp fell nearly 18per cent on Wednesday, a day after the videogame retailer said it might cash in on a meteoric rise in its share price to fund its e-commerce expansion.
GameStop had previously decided against the move as it was restricted under U.S. financial regulations from selling shares because it had not yet updated investors on its earnings. That is much higher than the median price target of US$25, according to Refinitiv data, and marks the first time a Wall Street brokerage matched its price projections with GameStop's current trading levels.Reddit's WallStreetBets forum was buzzing about another potential short squeeze, which had sent GameStop's shares as high as 2,300per cent in January to a record high of US$483.
Short interest in GameStop has since fallen to about 15per cent of the stock's float as of Wednesday from a peak of 141per cent in the first week of 2021, according to data from financial analytics firm S3 Partners.
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