What will be the opening price of GameStop stock on Tuesday, February 16?
Context. The stock price of GameStop has increased 1700 percent over the past month after users on a Reddit subforum, Wall Street Bets, decided to invest in the stock. After the Reddit users noticed that institutional investors had aggressively shorted the stock -- indeed, shorting more than 100 percent of available shares -- they concluded that the stock price would have to increase when the institutional investors bought back their shares. By driving the price up before the institutional investors bought back their shares, the Reddit users effectively forced the institutional investors to sell at a higher price, further increasing the stock's value. The dynamics at play are unprecedented and have resulted in a stock price entirely unmoored from the value of the underlying company.
Data and resolution details. This question resolves based on the opening GameStop stock value on Tuesday, February 16, as reported by Yahoo! Finance.
The data underlying the graph is here.
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|Possible Answer||Correct?||Final Crowd Forecast|
|Less than $20||7%|
|Between $20 and $100, inclusive||87%|
|More than $100 but less than or equal to $300||5%|
|More than $300 but less than or equal to $500||1%|
|More than $500 but less than or equal to $1000||0%|
|More than $1000||0%|