June 23, 2024

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GameStop and AMC Entertainment Share Spike Monday Afternoon: What’s Happening?  – GameStop (NYSE: GME)

GameStop and AMC Entertainment Share Spike Monday Afternoon: What’s Happening? – GameStop (NYSE: GME)

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Original meme stock GameStop Inc (NYSE: GME) and AMC Entertainment Holdings (NYSE:AMC) rose in late afternoon trading on Monday due to a lack of clear news. This movement appears to be a continuation of the momentum of retail investors last week.

What to know: Although shares of GameStop and AMC have been trending lower in recent trading sessions, the meme pair is still up significantly in recent weeks. GameStop shares are up nearly 131% over the past month and AMC shares are up 43%.

When the assembly began Keith Gillknown as roaring kitty, Posted simple Mimi Of someone leaning forward in a chair last week after a three-year absence from social media.

Gill posted a series of YouTube videos that led to the historic short squeeze in 2021. When GameStop shares started to rise, the trader began posting updates of his trades on Reddit’s r/WallStreetBets. Gill is often credited with sparking the stock meme craze that occurred in 2021.

Jill’s return to social media fueled last week’s rally in meme stocks that ultimately drew several names with high short interest into the bids. He basically posted videos on X throughout the week, but that was enough for the retailer.

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It’s worth noting that Gill has not provided an update on his investment in GameStop as of 2021, so it’s not clear if he will maintain his position. He also hasn’t posted anything on X since the ET post he made at market close on Friday. Some suggest the video was a final farewell to social media.

Check this out: Roaring Kitty Home Phones? GameStop influencer remains silent after ‘ET’ movie clip hints at potential farewell

Although there are no updates from Jill, retailers are active on social platforms. Both GameStop and AMC saw a high volume of messages on Stocktwits on Monday afternoon. The indicators were also among the most mentioned on Reddit’s r/WallStreetBets in the past 24 hours.

There seems to be a lot of talk surrounding Jill’s potential next move. Still others point to the huge short interest in the meme names, asking other users to buy and hold the stock pair in an attempt to squeeze short sellers.

Both GameStop and AMC benefited from a rapid rise in their shares last week. GameStop announced plans to sell up to 45 million shares and AMC entered into agreements to issue shares in exchange for the securities.

GME, AMC Price Action: GameStop shares closed Monday up 4.41% at $23.19, and AMC closed the day up 9.77% at $4.83. Both stocks were trending lower in the after-hours session on Monday at last check Benzinga Pro.

Image: Sergey Tokmakov from Pixabay.

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