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GameStop Corp. (GME) - free report >>
As GameStop (GME) Rallies, Other Meme Stocks Follow Suit
Shares of video game retailer GameStop (GME - Free Report) continued to move higher on Wednesday, closing up another 14.5% following Chairman Ryan Cohen’s announcement that he scooped up another 100,000 shares. This brings his ownership to 11.9%.
Today’s moves follow a huge surge on Tuesday after a Reddit post by user Thump4, uploaded to the popular thread r/WallStreetBets, proposed that GME was trading at a 58.2% discount to its 15-month fair value. Thump4 also discussed the stock’s implied volatility and growing options activity. After the post received a few thousand upvotes, GME began rocketing higher and closed up 30.7% to $123.15 per share yesterday; the stock was up 20% at one point in after-hours trading as well.
Other popular meme stocks like AMC Entertainment (AMC - Free Report) and Bed Bath & Beyond got caught up in the rally too. AMC ended Tuesday’s session up 15.1%, and added another 13.6% today. Even Hycroft Mining (HYMC - Free Report) , the gold & silver mining company AMC recently invested in, soared, increasing as much as 19.2% yesterday. However, BBBY and HYMC ended today in the red, falling 6.4% and 2.3%, respectively.