GameStop Led Gains as Meme Stocks Rally

GameStop Led Gains as Meme Stocks Rally

On Wednesday, GameStop led the gain in the meme stocks rally as it rose 27.53% to 210.29 points.

The largest video game retailer has a current market capitalization of $15.61 billion and average revenue of $5.35 billion.

The meme stock king edged up 36.5% to $225 in heavy trading volume, where higher than 14 million shares switched hands. This data was seven times in comparison to its 30-day average.

Meanwhile, other meme stocks also increased sales as AMC Entertainment soared 20.3% at 44.26 points. The AMC movie theater chain was highly dynamic on Fidelity’s trading platform, where it has a current market capitalization of $22.72 billion.

Clover Health Investments Corp increased 9.85% to 8.92 points with a market cap of $3.66 billion.

Nasdaq’s Bed Bath & Beyond Inc inched up 4.49% to 28.61 points, with a $2.97 billion market cap.

On the other hand, Robinhood Markets Inc, which recently gained a meme stock status, rose 9.03% to 49.38 points on a market cap of $42.24 billion.

Meanwhile, Wall Street rose as investors eagerly wait on the Federal Reserve’s Jackson symposium for a hint on US stimulus. The benchmark S&P 500 increased 0.15% to 4,486.23, while Dow Jones Futures hiked up 0.07% to 35,333.00, and Nasdaq composite inched up 0.52% to 15,019.8.

Analysts forecasted that the upcoming Fed’s symposium would significantly affect the market movement as central banks may reveal their plans on tapering monetary stimulus. The Fed already initiated deliberations to back off its minimum $120 billion a month bond-buying program this year.

Meme stocks’ short interest remained on their high level, where 28% of AMC’s floating stocks sold short matched the 5% typical US stock short interest.

Meanwhile, the short interest of GameStop plummeted sharply to 10% from 100% last January as meme stock mania was in trend.

Gamestop logo

GME Premarket Hikes in Boring Market

The GameStop Premarket hiked up to 212.00 points marking it as the leading meme stock.

Meme stocks are trends on retail investors’ forums such as Reddit’s and WallStreetBets, where GameStop initially earned extensive attention last January.

The video retail company offers video game products and consumer electronic products. Currently, GameStop has operating segments in the United States, Canada, Australia, and Europe.

Last week, the stock market of GameStop declined 2% during the rough volatile patch, where fluctuating prices ranged from $167 to $173. Reports have shown a net effect loss of 59 cents per share to 42 cents in that volatile period.

Meanwhile, GameStop and AMC Entertainment Holdings are the two leading meme stocks on the global market, where 1,000% of their shares hiked up in a trading rush earlier this year.

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