Trader-loved GameStop and AMC shares on Reddit and other social media platforms are skyrocketing again. GameStop (GME)’s share rose more than 30% on Tuesday and another 16% on Wednesday. AMC (AMC) soared 15% on Tuesday and 20% on Wednesday. GameStop soared after Ryan Cohen, the company’s chairman and co-founder of online pet retailer Chewy (CHWY), bought another 100,000 shares. “I put the money where my mouth is,” he said. Tweet on Tuesday.. His RC Ventures currently owns 9.1 million shares and owns a 11.9% stake in retailers. Cohen said in a filing with the Securities and Exchange Commission that he bought GameStop shares on Tuesday in the $ 96.81 to $ 108.82 price range. Shares closed at $ 123.14 on Tuesday and traded at around $ 143 per share on Wednesday afternoon. Cohen hopes to turn GameStop around by investing in NFTs and other cryptocurrencies and blockchain initiatives. He has two former Amazon (AMZN) executives as new CEOs and Chief Financial Officers. (Cohen is also seeking change at the struggling retailer Bed Bath & Beyond (BBBY). His company recently acquired a stake in an activist.)
AMC also benefits from executive chatter on Twitter.
Adam Aaron, CEO of the theater chain, Tweet on Tuesday He defended his excitement for the upcoming spring and summer movie slate, and the recent purchase of a company with more than 20% stake in the gold and silver miner Hycroft. .. “It’s ridiculous.” AMC understands how to raise cash and increase debt. ” I have writtenSee his company’s recent refinancing plans.
“A lot of crows are eating ahead, and it’s not by me!” CEO added.
Both GameStop and AMC are declining this year, along with a wider market. Despite a surge of nearly 45% in the last five days, AMC’s share is still down by nearly 20% in 2022. GameStop inventories have fallen by about 3% this year, even after a 65% surge last week.
Reddit’s private investors aren’t the only ones looking to invest in the enthusiasm of AMC and GameStop. These shares are the top holdings of the Meme ETF operated by the investment company Roundhill. Ticker symbol? MEME, of course, these companies are also the top stocks of VanEckETF, which tracks social sentiment and trading under the ticker symbol BUZZ. Both funds have fallen by about 20% this year, but have recently recovered sharply.