GameStop shares soar 30% and take other meme stocks on a ride, after Reddit poster touts shares at a ‘58.2%’ discount

6 months ago 29

The happening astir meme stocks is that sometimes they determination similar meme stocks.

Shares of GameStop GME, +14.50% and AMC Entertainment AMC, +13.58% rocketed upward Tuesday, helping to make a draught for related names similar Bed Bath & Beyond BBBY, -6.38% and Hycroft Mining Holding Corp. HYMC, -2.29%, with caller and aged meme names seemingly benefiting from bullishness by retail investors connected Reddit.  

While the trading time gave emergence to the increasing meme portfolios of GameStop president Ryan Cohen and AMC CEO Adam Aron, it was a greeting determination connected GameStop that appears to person incited the buying spree.

A Reddit station by idiosyncratic Thump4 that went up aboriginal Tuesday greeting connected subreddit WallStreetBets projected that GameStop’s banal was trading astatine a 58.2% discount to its 15-month just value.

Thump4 utilized a illustration of the stock’s implied volatility and immoderate options projections connected contracts that suggested a calls-to-puts ratio of astir 2 to 1 into 2024. The station besides purported to amusement that GameStop’s terms had already double-bottome...

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