Investors went from buying GameStop Corp. call options to selling them Wednesday as the meme stock crowd circled back on their brash bullish bets after the stock retreated from its latest surge.

Call volume in the gaming company rose for a second session, with buyers fueling the activity early in the morning. But by the afternoon, options sellers started to steer trading. Calls lost value as the stock gave up some of its 30% intraday advance to close up 20%.