Meme stocks ride again: 4 charts illustrate the week’s rallies for Reddit favorites AMC, GameStop and Virgin Galactic
- AMC, GameStop, and Virgin Galactic faced off this week’s revival in frenetic meme stock trading.
- AMC shares rose 200% during the week, but failed to hit social media calls for a price tag of $ 500,000.
- Virgin Galactic has bounced higher after the company’s successful space flight.
- See more stories on the Insider business page.
The AMC movie chain was the main driver for stocks this week as its price climbed 204% and sparked a new frenzy among retail investors buying so-called memes stocks.
GameStop and Virgin Galactic were also among the big winners in the last week of May, recalling the massive rally in January in so-called memes stocks that was led by an increase in shares of the video game retailer. Retail investors on Reddit earlier this year staged a virtual fight against institutional investors who bet GameStop’s price would drop.
The theme “meme-stocks” has fallen on the radar of many traders. [AMC’s] The January summit for a lot of people was the trigger that really got them excited, “Edward Moya, senior market analyst at Oanda, told Insider on Friday.” And the vulnerability of short sellers as the long week approaches. end seemed like the perfect storm to weather. to hedge funds that are against AMC, ”he said.
This week, short sellers have lost about $ 2.76 billion due to the sharp rise in prices of all three stocks, according to Ortex, a financial analysis firm.
Here are 4 graphics on this week’s jump in AMC, GameStop, and Virgin Galactic:
1) AMC peaks at over $ 36
The trending hashtag # AMC500K this week highlighted calls for stocks to hit $ 500,000 each. It hasn’t risen anywhere near that level, but AMC hit a high of $ 36.72 on Friday, which is up 204% in the past five trading sessions. AMC shares eventually retreated to that threshold, but still more than doubled, going up to around $ 12 since the start of the week.
2) “Massive” entries in AMC
Retail investors poured millions of dollars into AMC stocks this week, according to Vanda Research, which tracks retail activity in US stocks and ETFs. Entries hit around $ 127 million on Thursday alone, according to the company’s VandaTrack platform, calling the amount “massive.”
3) GameStop jumps
GameStop’s price is up 52% from last week, hitting an intraday high of $ 268.80 on Friday. The jump occurred after lateral union within the past two months. Stocks dipped into the red at the end of Friday’s session and fell to $ 220, but that still generated a 26% gain in the past five sessions.
4) Virgin Galactic rockets
Shares of the commercial space flight company hit $ 35.04 on Friday, briefly pushing its weekly rise to 66%. Shares received a boost this week after the company successfully completed its third manned flight to the edge of space after a failed attempt in December.
“The only retail story is that people have to believe in the business. Virgin to go to space, to go to the moon, is very attractive to retail traders,” Moya said.