GameStop (GME.US) and AMC Entertainment (AMC.US) seem to be retail traders’ favourites again as meme stock mania was surprisingly renewed. Both stocks are soaring more than 12% today following an incredible rally during Tuesday’s session - GameStop surged 16.3% while AMC added roughly 20%. From the beginning of the week, GameStop and AMC have rallied about 35% and 50% respectively.
According to Reuters, investors shorting meme stocks GameStop and AMC Entertainment are estimated to have lost $754 million yesterday alone. The news agency says that short interest in AMC is currently estimated to be 21% of freefloat and in GME it is estimated at 17% of freefloat.
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Open account Try demo Download mobile app Download mobile appWhile both companies are extremely overvalued after huge gains started in early-2021, the renewed rally seems to be solely speculative. However, both AMC and GameStop are still below their all-time highs and, as we witnessed earlier, Reddit traders are actually able to send any stock “to the moon” if they decide to cooperate.
GameStop (GME.US) shares are soaring roughly 14% at press time, climbing to highest levels since mid-March. The stock price is still well below its intraday all-time highs ($482.95). Source: xStation5
AMC Entertainment (AMC.US) shares have rallied about 50% since Monday! In this case the price actually very close to intraday all-time highs from January that may be found slightly above the $20 level. Both AMC and GameStop have experienced a rapid increase in volume. It should be noted that both charts look skewed due to incredible price movements earlier this year. Source: xStation5
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