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People participate a GameStop store successful Alhambra, California
FREDERIC J. BROWN/AFP/Getty ImagesGameStop and AMC Entertainment Holdings saw their shares prices sprout up Tuesday, starring a resurgence for meme stocks.
There was nary worldly quality events driving the banal moves. That has been the lawsuit for months for GameStop and AMC, whose stock prices often are influenced by nonfundamental factors similar abbreviated seller activity, options volume, societal media interest, and momentum trading.
GameStop (ticker: GME) surged 28% to $210.29 connected Tuesday, portion AMC banal (AMC) was up 20% to $44.26. Clover Health Investments (CLOV) and BlackBerry (BB), some stocks fashionable among Reddit’s WallStreetBets crowd, popped much than 9% each.
For GameStop stock, Tuesday marked its highest adjacent since June 30 and its highest trading measurement since June 11. It was GameStop stock’s largest percent summation since it roseate astir 53% connected March 25. AMC marked its highest adjacent since July 9, its highest trading measurement since June 18, and its largest percent summation since it roseate 24% connected July 20.
Meme stocks cooled down successful July and August aft a resurgence successful May and June. As has been the lawsuit since January, what comes adjacent is anyone’s guess. But if meme stocks are back, that could beryllium bully quality for the volatile shares of Robinhood Markets (HOOD). The online broker has benefited from frenzied trading successful meme stocks in the past. Shares were up 9% to $49.38 connected Tuesday.
Write to Connor Smith astatine connor.smith@barrons.com
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