GameStop, AMC surge 40% in premarket trade as meme stock rally pushes higher
Investing.com-- Gamestop and AMC rose in premarket trade on Tuesday as a rally in so-called meme stocks spilled over into evening deals, after a key figure in their 2021 rally re emerged from an extended break on social media.The gains in stock prices had little to do with the fundamentals of the companies, and came after Keith Gill, who goes by the social media monikers RoaringKitty and DeepF***ingvalue, posted a series of cryptic images and gifs on the social media platform X.
Gill’s posts on Reddit, particularly on his investing in Gamestop and the overwhelming amount of short positions against the stock, had spurred a flurry of retail buying into Gamestop. But despite Monday’s gains, Gamestop, AMC and the other meme stocks remained well below peaks hit during 2021. Gamestop was trading at about $36 a share- a fraction of the $120 hit in early-2021.
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