A little over one year after GameStop's stock price skyrocketed thanks to the enthusiasm of Reddit-organized day traders, the company's stock is once again surging thanks to a frenzy of wild financial moves.
Its stock is currently trading at $170.66 per share. That's slightly down from a recent peak of $189.59 on March 28th, but much higher than its low of $78.11 value from March 14th.
There are two key factors driving the current stock purchases. As Kotaku notes, GameStop board chairman purchased over 100,000 shares of the company's stock last week for roughly $10 million. The purchase made ripples in the online trading community, signaling positivity in the company's value.
Then this week GameStop announced an upcoming stock split (the first in 15 years) that would increase the number of purchasable shares from 300 million to 1 billion. Getting in before the split means that stockholders stand to see significant gains, because even though each share will be worth "less," they will have an equivalent number of shares as they currently hold, while new stock purchasers will need to spend more money to access that quantity of shares.
Again, this all comes without any major operational changes to GameStop's business model.