The sharp price rise in the shares of the ailing video games retailer GameStop seen last month may have been triggered by institutional investors rather than by Reddit’s army of retail traders, data revealed by JP Morgan show. “Although retail buying was portrayed as the main driver of the extreme price rally experienced by some stocks, the actual picture may be much more nuanced,” JP Morgan global quantitative and derivatives strategy analyst Peng Cheng wrote this week, in a research note addressed to the bank’s clientele. The prevailing narrative was that a group of Reddit users had launched a flash mob, gobbling up GameStop’s shares
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