Gamestop shares tumble 30% as stock falls further from dizzying highs seen in short-squeeze surge

• Gamestop shares fell below $67 in Thursday trades.
• The shares have been losing ground after recently surging to intraday highs of over $450.
• Short interest in the stock has decreased, according to S3 Partners.

Gamestop shares slid by 30% on Thursday, extending their pullback from a stratospheric rise stoked by retail investors fighting against hedge funds that have been heavily shorting shares of the video games retailer.

Shares fell by 30% to trade below $63 each during late-morning trade, heading for their lowest close since January 25.

Read more: A hedge fund made $700 million on its GameStop investment before bailing after Elon Musk's 'Gamestonk' tweet

The shares rocketed to a record closing high of $347.51 on January 27, touching intraday highs of over $450.

The stock price has since been dropping, an indication that short-squeeze conditions have been dissipating. A tweet on Thursday from S3 Partners Ihor Dusaniwsky showed shares shorted have declined by 36.2 million over the last week. The analytics firm has been tracking short interest data in Gamestop.

Gamestop was thrust into the spotlight after traders on Reddit zeroed in on the high short interest rate on the shares, stoking a short-squeeze that cause the stock to soar. IHS Markit recently said short interest in Gamestop was 114% in mid-January.

Shares of GameStop traded at $66.26 as of 12:40 PM E.T. on Thursday.