Crypto Stocks Today: GameStop (GME) & AMC Theatres Rally Over 70% In 2021-Style Revival
Highlights
- The GameStop stock opened with a gap up today with over 51% gains in the pre-market session.
- The AMC Entertainment stock gained 21%, mirroring the move.
- The surge is expected to have been fuelled by The Roaring Kitty's comeback.
AMC Entertainment (AMC) and GameStop (GME) stocks are surging in the trading session on Monday, May 13. The GME and AMC stocks boasted gains of 74% and 78%, respectively. Hence, investors are curious about the sudden uptick in prices and are speculating on the resurgence of these meme stocks.
Why Are GameStop & AMC Stocks Surging?
Speculations suggest that the recent successful IPO of Reddit may have fueled the rally, particularly boosting GameStop shares. However, there is another prominent factor that may be driving the strong movement for both stocks on Monday.
On X, a tweet from the account “The Roaring Kitty” has emerged as a potential catalyst for the pre-market surge. Keith Gill, known as Roaring Kitty, was a significant investor in GameStop (GME) throughout 2020, advocating for its undervaluation on Reddit’s WallStreetBets forum.
The frenzy around meme stocks in 2020 and 2021 propelled both GME and AMC to unprecedented highs. Moreover, retail traders on the WallStreetBets subreddit, inspired by Gill’s confidence and spurred by social media, flooded into GME, triggering a buying frenzy.
This intense activity squeezed hedge funds that had heavily shorted the stock, causing a sharp increase in GME’s price. AMC, another heavily shorted stock, experienced a similar surge in price due to retail investor enthusiasm.
Over the past month, GameStop shares have seen significant gains, rising more than 50%. Furthermore, the return of the Roaring Kitty account, with its first tweet in nearly three years on Sunday evening, has coincided with the resurgence of both meme stocks. This also prompts speculations about a potential return of meme stock mania.
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GME & AMC Share Prices Today
At the time of writing, the GME stock skyrocketed by 74.40% to $30.45 on Monday just after the market opened. Hence, the stock opened at a gap up with $8.92 added to GameStop stock’s value. However, the stock was down by 3.05% on Friday, May 10, closing at $17.46. Earlier, during 2021’s meme stock run, the GME share price soared to a high of $86.88. This rally reflects a broader optimism in the GME stock which has experienced a 202% surge in the last four weeks.
On the other hand, the AMC stock also displayed a phenomenal performance with a 78.31% gain, trading at $5.19. This suggests a massive rebound from Friday’s close of $2.91 when the AMC share price plunged 4.59%. However, the AMC stock price is still 93% down from its all-time high of a whopping $72.62 despite gaining over 110% in the last month.
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