(Bloomberg) -- GameStop Corp (NYSE:GME). extended its jaw-dropping surge in premarket trading on Tuesday, climbing as much as 30% from Monday’s close as bullish day traders kept the upper hand over short sellers.
The stock rose as high as $100 compared with the last closing price of $76.79. It closed 18% higher on Monday, briefly touching a record high of $159.18, and has more than quadrupled this month.
GameStop, which has turned into a battleground for short sellers and retail traders, triggered at least nine trading halts for volatility on Monday. Options trading has also surged.
GameStop’s recent rally has left analyst estimates in the dust, with the average price target by all Wall Street analysts of $13.93 implying the shares will lose more than 80% of their value in the next year. The ratio between its current share price and the average target is by far the biggest in the Russell 3000.
READ: GameStop Shorts Don’t Deserve Such Schadenfreude: John Authers
©2021 Bloomberg L.P.