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GameStop still has some life on the stock market.
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GameStop stock shot up Monday, closing at $194.50, a 41% increase from its opening price. The rise coincided with the stock market moving up after the passing of the COVID relief bill in the Senate on Saturday and news that the company is developing a new e-commerce strategy with Chewy.com founder Ryan Cohen at the helm.
Cohen, who made a large investment in the video game retailer last year, will lead a committee to develop initiatives to transform GameStop, the company said in a press release Monday. The focus will be to make the company a technology business and look for areas where it can improve on that aspect.
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GameStop shares skyrocketed at the end of January thanks to a push by traders on the subreddit r/WallStreetBets, reaching a peak of around $480. It’s since continued to drop, losing much of its value.
Shares moved back up some in late February following news that Jim Bell, the retailer’s chief financial officer, is resigning. Bell didn’t leave the company willingly, according to Business Insider. He was reportedly pushed out by the board over a lack of faith and an initiative to reshape the company by Cohen.
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