GameStop Video 27.05.21.
GameStop Becomes Popular On WallStreetBets
Shares of GameStop gained strong upside momentum after the company became popular again on Reddit’s WallStreetBets. Shares of other “meme stock”, AMC Entertainment Holdings, also enjoyed a strong rally. It also looks that Beyond Meat has become the next target of the social media crowd as its shares have moved from the $100 level to $140 in less than two weeks while trending on Reddit.
GameStop also benefited from rumors about the company’s potential move into the non-fungible token (NFT) market, although it is not clear whether GameStop stock needs any catalysts other than increased popularity in social media.
It should be noted that the volume of trading in GameStop shares dropped in recent months but the stock failed to develop sustainable downside momentum despite its rich valuation which signaled that retail traders did not rush to exit their positions.