Poker player Daniel Moravec may have helped the GameStop stock price rise late Friday due to a viral post he made on the subreddit forum WallStreetBets. The Minnesota native, who spoke with CardsChat News, discovered a trick to help heavily bankrolled investors buy restricted stocks from Robinhood and other trading apps.
Did this poker player cause a late surge for GameStop stock on Friday? (Image: CardsChat News)
Although the company is headed towards bankruptcy due to its failing stores nationwide, GameStop’s stock (GME) price has risen to unthinkable heights the past week due to a push from Reddit investors such as Moravec, a passionate poker player who now resides in Las Vegas, on the WallStreetBets forum.
The video game retailer’s stock has gone from under $20 per share a few weeks ago to a closing price of $325 on Friday. Earlier in the day, it surpassed $400. Many investors made a killing this past week and believe this is only the beginning. Some investors on Reddit and Twitter anticipate an eventual $1,000 mark.