GameStop up another 60%, amateur interest shows no sign of abating

GameStop shares surged another 60% on Wednesday in pre-market trading, boosted by increased interest among amateur investors who have lifted the share price by 700% over the past two weeks.

GameStop shares surged another 60% on Wednesday in pre-market trading, boosted by increased interest among amateur investors who have lifted the share price by 700% over the past two weeks. But some hedge funds have refused to budge from their bearish bets, with FIS' Analytics data showing investors had piled on $2.2 billion in bearish bets on the U.S. video game retailer -- a whopping 20% of its market capitalisation,

In the meantime, Reddit's Wallstreetbets stock trading discussion group were backing the company, buying shares and call options on the stock. A similar euphoria has boosted BlackBerry and Nokia .

Meanwhile in Europe, shares of Evotec and Varta jumped on a chatter that Melvin Capital Management was being forced to unwind its short positions to cover losses on its other bearish bets, including GameStop.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)