Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Meme Stocks Gain As AMC Squeeze Trends On Twitter

Published 17/05/2021, 19:22
Updated 17/05/2021, 19:22
© Reuters

© Reuters

By Dhirendra Tripathi

Investing.com – AMC Entertainment (NYSE:AMC), GameStop (NYSE:GME) and Koss (NASDAQ:KOSS) all rose Monday amid indications that retail investors and the big institutional guys may be renewing their battle.

#AMCSqueeze is among the top Twitter trends on Monday, an indication that it may again be experiencing a short squeeze, sending the shares higher.

AMC and GameStop were both up around 6% while Koss was up 1% percent. If the session goes as it has so far for AMC, it would be the seventh consecutive day of gains for the stock.

Last week, AMC wrapped up raising $428 million in fresh equity. The company raised that money before commissions and fees at an average price of $9.94 per share.

AMC crossed $14 today earlier during the session, fired up on hopes that people will flock to its multiplex screens as movies are released in theaters after more than a year.

GameStop, the favorite of the retail investors last five months, may be trading 64% off its year’s high but it’s still some 127 times the 52-week low. Its efforts at reinventing itself into an online retailer is keeping some believers still glued.

Meme stocks have a devoted following that acquired cult status in January when some Reddit followers decided to take on the big hedge funds in the GameStop short squeeze. That unexpected coming together resulted in at least one hedge fund going bankrupt.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.