GameStop drama: It is not just retail investors along for the ride
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GameStop Corp. (NYSE:GME) rose 3.69% in Tuesday afternoon action on trading volume above the normal average for the year.
In legal news, plaintiff Martin Radev dropped a lawsuit suit filed against Keith Gill (Roaring Kitty) that alleged a pump and dump scheme with GameStop (GME) stock. Attorneys for Radev submitted to the United States District Court for the Eastern District of New York a voluntary motion to dismiss the case, just four days after it was filed. The lawsuit can be refiled at some point in the future.
While GameStop (GME) still ranks in the top 20 of the most discussed stocks on Reddit and is considered a retail favorite or meme buzz stock, institutions hold a notable 21% stake in the retailer. The top institutional holders are RC Ventures, Vanguard, Blackrock, State Street, Geode Capital Management, Susquehanna Partners, and Hestia Capital Partners. As far as insiders, Executive Chairman Ryan Cohen and other directors hold about a 10.8% stake in GameStop (GME), which is above average for publicly traded specialty retail stocks.