Shares of the beloved GameStop and AMC companies Traders on Reddit
And other social media platforms, it’s growing again.
shares Jim Stop (GME)
It rose more than 30% on Tuesday and rose another 16% Wednesday. AMC (AMC)
It rose 15% on Tuesday and gained 20% Wednesday.
GameStop appeared after company chairman Ryan Cohen, co-founder of the online pet supplies retailer rubbery (CHWY)
, bought another 100,000 shares. “I put my money where my mouth is” Tweet Tuesday
. RC Ventures now owns 9.1 million shares, which is an 11.9% stake in the retailer.
Cohen revealed in a Securities and Exchange Commission filing
He bought GameStop shares Tuesday at a price between $96.81 and $108.82. The stock closed Tuesday at $123.14 and was trading at around $143 a share on Wednesday afternoon.
Cohen hopes to Turn GameStop around
With Investments in NFTs
and other cryptocurrency and blockchain initiatives. I have brought two of the former Amazon (AMZN)
CEOs to be New CEO and CFO.
(Cohen is also pushing to make changes at the struggling retailer bed bath behind (BBBY)
. His company has recently Take an active share.
AMC is benefiting from some executive chatter on Twitter, too.
The CEO of the theater chain, Adam Aaron, Tweet Tuesday
About his enthusiasm for the upcoming spring-summer movie slate and Defend the company’s recent purchase
With a stake of more than 20% in the gold and silver mine Heycroft.
“Very fun. We narrowly call our investment in Hycroft… ‘stupid’… ‘idiot.’ So AMC understood how to raise money and extend debt,” Aaron Wrote
referring to the owner The company’s recent plans to refinance.
“A ton of crow eating in the future, and it won’t be by me!” CEO added.
GameStop and AMC are both down this year, along with the broader market. AMC’s shares are still down about 20% in 2022, although they are up about 45% in the past five days. GameStop stock is down about 3% this year, even after rising 65% in the past week.
Reddit’s individual investors aren’t the only ones trying to cash in on the madness of AMC and GameStop. These stocks are the highest holdings in the meme ETF managed by Roundhill Investment Company
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Companies are also the top stocks in a VanEck ETF that tracks social sentiment
It trades under the ticker symbol buzz
. Both funds are down about 20 percent this year, but have rebounded sharply in recent days.
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