GME rallied more than +80% in early trading and taking aim at $30 per share. It started the month under $11.
Buying pressure for GameStop has been building all May but went up a notch after Keith Gill, known online as Roaring Kitty, tweeted for the first time in nearly three years. He simply posted a meme of a man leaning forward, but GME got the message that he was taking notice in of the recent action.
Now the Kitty has gotten the Apes fired up.
AMC (NYSE:AMC) +20%, another protagonist in the meme stock surge, is also rallying. While we are a far cry from the mania of 2021, traders will be keeping an eye on other names from that era like BlackBerry (BB), Koss (KOSS), Nokia (NOK), Carvana (CVNA) and Clover Health (CLOV).
The GameStop run started on May 2 with a jump of 16% on volume of more than 8M shares, about 3x higher than the previous session. Volume topped 36M on Friday, even though shares shed 3%.
The move has the hallmarks of a short squeeze, with reports of a dearth of shares available to borrow. But those squeezes tend to rip faster and this has been more of a slow build. Still, financial analytics firm Ortex says short sellers have lost $800M on paper so far and they reportedly could be in for losses of nearly $500M today if gains hold.
