Credit: Richard B. Levine
NY: New York during the COVID-19 pandemic
New York (77WABC) – Meme stocks once again rallied Wednesday, led by massive gains in movie theater chain AMC Entertainment.
AMC surged as high as 126% to around $72 before pulling back. The stock was dumped Tuesday by hedge-fund Mudrick Capital whom AMC sold 8.5 million shares to, calling AMC “overvalued” before the stock doubled.
Hashtags #AMCtothemoon and #AMCstock, as well as the word “AMC” were all over Twitter Wednesday as retail traders united behind the company. According to data from HypeEquity, AMC trended alongside other meme stocks.
Top 5 trending #redditarmy #stocks in the last 4 hours
| Sym |ChtVol | %chg |🚀 🐻
>>
| $BB | 1263 | 69.1% | 🚀
| $AMC | 741 | -35.2% | 🚀
| $GME | 278 | -19.7% | 🚀
| $TLRY | 101 | 180.6% | 🚀
| $SNDL | 95 | 46.2% | 🚀Access wider trends: https://t.co/4Z0lTkVRF9
— HypeEquity (@HypeEquity) June 2, 2021
GameStop, the stock that started the meme stock trend back in January, jumped as much as 18% to just below $300.
Traders have been targeting retail stocks in order to cause a short squeeze – meaning those betting against the stocks would lose money. Short sellers have lost billions in the process but some have stuck to their positions even after GameStop started the trend.
