AMC, Gamestop: Meme stocks roar back, fueled by Reddit-inspired traders
- Date: 29-May-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
AMC, Gamestop: Meme stocks roar back, fueled by Reddit-inspired traders
In January 2021, the rise of retail investing and the subreddit r/WallStreetBets sparked a broader speculative movement in a few stocks that ended up disrupting trading at brokerages and culminating in a Congressional hearing.
And after a relatively quiet few months, the so-called meme stocks are back in a big way.
The movement's mascot, GameStop (GME), was up over 30% this week. (Analysts from Vanda Research said that this was likely due to institutional involvement rather than a big retail push.) And the new meme stock leader is AMC (AMC), which has taken over the narrative with an enormous 120%+ gain this week.