GameStop jumps nearly 19pc; ‘meme stocks’ fade after another wild ride | Malay Mail

Friday, 26 Feb 2021 06:22 AM MYT

Other “stonks” or “meme stocks” popular on sites such as Reddit’s WallStreetBets also saw their rallies fade. Headphone company Koss Corp closed up 16.8 per cent gain after rocketing nearly 61 per cent during the session. AMC Entertainment ended down nearly 9 per cent after jumping more than 15 per cent during the session.

The number of GameStop shares shorted stood at 15.47 million, analytics firm S3 Partners said Thursday, with short interest accounting for 28.4 per cent of the float, compared with a peak of 142 per cent in early January. “All of these stocks are once again rising together. It demonstrates that there is nothing intrinsic in the companies themselves,” he said.

The surge came after Reddit trader Keith Gill, who runs the YouTube channel Roaring Kitty, bought additional GameStop shares last week. Last week, Gill testified in the US Congress: “I like the stock,” words since quoted by hundreds of online followers and featured in memes on financial sites.

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