A ‘Making Money’ panel with Kaltbaum Capital Management president Gary Kaltbaum and MarketGauge Group managing director Michelle Schneider examines the success of ‘meme’ stocks.
Retail investors have been piling into AMC Entertainment Holdings and GameStop shares this week despite little concrete news.
Investors on Reddit and other social media have rallied around the so-called meme stocks, signaling the potential for a second short squeeze this year against market short-sellers.
According to data from VandaTrack, retail investors have poured a net of more than $33 million into AMC stock and more than $1.3 million into GameStop since Monday.
DOW NEARS RECORD AS GOP SENATORS COUNTER BIDEN SPENDING PLAN, BOEING HITS 1-MONTH HIGH
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP | 239.87 | -2.46 | -1.01% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 26.56 | +7.00 | +35.79% |
Still, GameStop stock has surged about 32% this week while AMC stock has soared over 90%.
AMC CEO LOADING UP ON MOVIE CHAIN’S TWITTER FOLLOWERS
FOX Business, reported earlier this week, that AMC CEO Adam Aron is becoming more active on Twitter, according to a person with direct knowledge of the matter. Aron currently follows about 1,000 AMC retail stockholders on the social media platform and plans to follow 1,000 more over the coming weeks so that he can “better understand the phenomenon that has changed who owns AMC.”
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Financial data service Ortex estimates short interest in AMC is about 16.93% of free float.
The firm estimates that short-sellers have lost an estimated $963 million this week.
FOX Business’s Charlie Gasparino and Eleanor Terrett contributed to this report.
