Meme Stocks Gain As AMC Squeeze Trends On Twitter
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 (NYSE: TWTR ) 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.
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