GameStop Corp (NYSE:GME)’s largest institutional investor, the asset-managemnt firm Vanguard, has increased its stake in the videogame retail, according to a MarketWatch report.
Securities and Exchange Commission filings show that Vanguard increased its stake from 6.3% to 8.7%.
“Any increased or decreased investment is merely a function of our index-fund structure and mandate to track the benchmark for a respective fund,” MarketWatch quoted a GameStop spokesperson as saying.
“It is not any indication of Vanguard providing perspective on the equity,” the firm added.
GameStop is one of the so-called ‘meme stocks’ that skyrocketed in value in 2021 due to a ‘short squeeze’ curated by retail investors.
The short squeeze, in which thousands of buyers artificially increased the value of the stock, was an activist campaign against hedge funds that were betting on the stock to plummet in value.
GameStop shares are currently swapping for $26.46 with a market capitalisation of $11.81 billion. They were worth more than $81 each at the height of the short squeeze.