GameStop Corp . (NYSE: NYSE:GME) and AMC Entertainment Holdings Inc (NYSE: AMC) shares are trading lower at last check by 13.8% at $163.50 and lower by 6.6% at $27.39, respectively, on profit-taking after both stocks surged higher in yesterday's session. The move in both names is amid continued volatility and despite a lack of company-specific news for the session.
However, there's been plenty of bullish news for investors in both GameStop and AMC over the past week. GameStop shares saw heavy volume and were trading sharply higher last week after Chairman Ryan Cohen purchased after 100,000 additional shares of the company’s common stock. Last week’s news and the additional gap up higher from Monday’s session has helped fuel GameStop shares up some 90.6% since March 21 alone.
See Also: Is Gamestop's Ryan Cohen Becoming The Millennial Generation's Warren Buffett?
AMC shares are higher by 80.5% since March 21. Our Benzinga team has covered how AMC has shifted its focus to not only reviving the AMC of old, but also toward transforming its business after retail investors likely saved the company from bankruptcy and, moreover, gave it enough capital to play offense… Read More
Something that can’t be ruled out, given the ferocity of the moves upward in recent sessions- GameStop and AMC shares together may also be experiencing a short squeeze over the past week. According to data from Benzinga Pro:
- GameStop has a total share float of 46.371 million, of which 12.350 million shares are sold short, representing 26.63% of shares sold short
- AMC has a total share float of 515.00 million, of which 101.33 million shares are sold short, representing 19.68% of shares sold short
GameStop has a 52-week high of $344.66 and a 52-week low of $77.58.
AMC has a 52-week high of $72.62 and a 52-week low of $8.31.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga