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AMC, GameStop and other Reddit 'memestock' favourites set to surge once again

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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.

READ: AMC investor nets swift profit following latest Reddit memestock trading frenzy

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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