The meme stock army is showing its support for the OG of the 2021 retail trading movement — GameStop (GME) — ahead of the company's earnings on Wednesday evening.
Shares of GameStop rose as much as 6% to $292 in afternoon trading on Tuesday as fast-money traders positioned themselves prior to the earnings release. GameStop was among the top five most commented stocks on social media, according to data from social monitoring service HypeEquity. Talk on social media of call options on GameStop — or a bet on the stock rising in the short-term — outpaced chatter of put options by a five-to-one ratio.
HypeEquity data shows traders keen on pushing GameStop's stock above $300 before earnings hit the tape.
Over on SwaggyStocks, another social media tracking platform, GameStop's stock was the fourth most commented on ticker on Reddit's WallStreetBets page. Positive mentions on the stock outnumbered negative mentions by six times.
It's clear meme traders continue to overlook the present fundamental state of GameStop (which is bad). Instead they appear to be staying true to large shareholder and soon-to-be chairman Ryan Cohen (aka Chewy co-founder) outlining some form of revitalization plan for the chain in 2021.