Tuesday’s premarket action saw gains for Gamestop and AMC as a surge in “meme” stocks carried over into evening trading, after the reappearance on social media of a prominent player from their 2021 rise.
The two best-performing peers, GameStop Corp (NYSE:GME) and AMC Entertainment Holdings Inc (NYSE:AMC), increased by almost 40% apiece following gains of 74% and 80%, respectively, on Monday.
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Other equities had increases of over 10%, including the US shares of Koss Corporation (NASDAQ:KOSS), a manufacturer of headphones, and BlackBerry Ltd. (NYSE:BB). Both Robinhood Markets Inc (NASDAQ:HOOD), which had witnessed record retail trading volumes during the mania, and Reddit Inc (NYSE:RDDT), which had sparked the majority of the meme stock frenzy on its Wallstreetbets forum, had 2% increases.
The increase in stock prices followed cryptic posts made by Keith Gill, also known on social media as DeepF***ingvalue and RoaringKitty, on the social networking site X. These posts had little to do with the company’s fundamentals. These weren’t about Gamestop, and they were Gill’s first posts in over three years.
Gill included movie snippets from Tombstone, V for Vendetta, Pirates of the Caribbean, and a comic featuring a man playing video games while propped up in a chair. The first of Gill’s recent posts, the graphic serves to signal that things are becoming serious.
Retail purchases of Gamestop have increased dramatically as a result of Gill’s Reddit remarks, especially those about his investment in the company and the massive number of short bets against it.
Following that, buying has spread to additional equities with comparatively poor fundamentals and large short holdings. This in turn gave rise to the concept of meme stocks, which are shares that fluctuate mostly in response to emotion on social media rather than the company’s real fundamentals.
Gamestop, AMC, and the other meme stocks, however, were still much below their 2021 levels, even after Monday’s advances. At around $36 per share, Gamestop was selling for a small portion of its $120 peak in early 2021.
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