GameStop shares jumped almost 60% in premarket trading after they doubled on Wednesday due to a trading spree that engulfed the video game retailer's shares last month.
GameStop shares rose nearly 104 percent in a turbulent session on Wednesday, temporarily halting trading in the stock and doubling its price.
GameStop closed at $ 91.71 a day after more than 80 million of its shares changed hands.
Stocks look set for another turbulent day on Thursday, rising more than 60% to $ 146 in premarket trading ahead of the opening bell on Wall Street.
The latest rally surprised analysts who thought stability had returned to the stock following last month's trading frenzy in the battle between online traders and Wall Street hedge funds.
"If you think the GameStop saga is over, think again," said Russ Mould, investment director at A. J. Bell. "January's Reddit-inspired trading frenzy may be about to return."
Other so-called "GEMS," favored by retail traders on sites such as Reddit's WallStreetBets, and the deliberately misspelled version of "stocks," also rose. AMC Entertainment rose 18%, Koss rose more than 50% and BlackBerry rose nearly 9%. Shares in Canadian hemp company Tilray gained about 13%.
Analysts were unable to pinpoint a reason for the sharp move. At least one dismissed a brief crackdown like the one that launched a "Reddit rally" in January when small investors furiously bought GameStop to punish hedge funds that had bet against the retailer.
Some Twitter users pointed to an activist investor's tweet of an ice cream cone picture. Others cited factors such as the redistribution of top executives and options trading.
The major shareholder of GameStop and Chewy.com activist investor Ryan Cohen, the founder of, tweeted a picture of a McDonald's ice cream cone with a frog emoji shortly before 2 p.m. on Wednesday. Some GameStop Bulls have wondered whether there was a veiled message online that Cohen would fix GameStop's business like the fast-food chain that fixes ice cream machines.
GameStop devotees on Reddit's popular Wallstreetbets forum expressed their surprise.
"Why is GME rising?"A retail trader at Wallstreetbets asked. "Because we love the stock," another replied.
Another user said: "it's the first time I've missed GME, I'm not making that mistake again. The moon".