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Houston Chronicle: Houston investors cash in on GameStop stock

Marcy de Luna | January 29 , 2021

GameStop, headquartered in Grapevine, has become a phenomenon that is challenging the way Wall Street works as well as the institutional investors that dominate stock markets — and making GameStock investors a pile of money in the process.

A year ago, GameStop was trading at about $4 a share. On Friday (Jan. 29), it closed at $325. The stock has soared as high as $483 a share.

Jonathan Waite, a senior equity analyst with Frost Investment Advisors, a unit of Frost Bank of San Antonio, said the opportunity investors are hoping to grab is driven by an “us versus them” rationale that oversimplifies the stock market. Not everyone who lost on GameStock trades was a hedge fund or big bank; smaller investors were likely on the short side, too.

Excerpted from The Houston Chronicle on Jan. 29, 2021. To view full article, click here.

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