AMC Entertainment Holdings Inc (NYSE:AMC) and a number of other stocks favoured by retail traders on the Reddit forum r/wallstreetbets look set to soar once again when trading opens on Wall Street on Wednesday.
In pre-market trading, AMC shares were up 24.4% at a record high of US$39.85 following a similarly strong performance in Tuesday’s session after news that hedge fund Mudrick Capital had bought 8.5mln shares at a premium for US$230.5mln. The shares quickly surged on the back of the news, causing Mudrick to cash out its stake before the session and even closed, netting it a profit of around US$25mln.
Meanwhile, GameStop, which originally showcased the power of Reddit retail trader army after soaring in value in late January, was up 1.6% at US$252.97 in the pre-market after having risen around 1,366% so far this year.
However, GameStop shares are still trading below their all-time high of around US$347 reached during the first buying frenzy in January, which was originally instigated by Reddit traders in a bid to inflict large losses on institutional short sellers.
Other memestock favourites were also seeing strong activity in the pre-market period, with headphone maker Koss Corp (NASDAQ:KOSS) jumping 9.6% to US$26.46 while mobile maker BlackBerry Ltd (NYSE:BB) climbed 13.5% to US$13.11.
Both companies have also seen large increase in their share price in the year to date, with Koss having risen 729% since early January while BlackBerry has jumped 99%.
Story by ProactiveInvestors
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