A cyclist rides past an AMC theater in San Francisco in the spring of 2020.
Justin Sullivan/Getty Images
Meme stocks are back on the menu. Shares of
AMC Entertainment Holdings,
Bed Bath & Beyond leapt Monday in a resurgence of the frenzied buying that took them through the roof early last year.
AMC (ticker: AMC) closed up 45% to $29.33, while
Hycroft Mining Holding (HYMC) shares were up 81% to $2.32.
GameStop (GME) stock gained 25% to $189.59, and
Bed Bath & Beyond (BBBY) stock rallied 17% to $26.32.
The jump in AMC was the movie-theater stock’s largest daily percentage increase since June 2, when it rose 95%, according to Dow Jones Market Data. The surge moved the shares into positive territory for the year to date, with a gain of 7.9%, though they are 53% off their one-year closing high of $62.55, reached on June 2.
GameStop’s strong day, meanwhile, extends a recent winning streak to 10 trading sessions, during which shares surged 142%.
The meme-stock designation dates back to early 2021, when small investors exchanging tips, memes, and inside jokes on Reddit forums spurred a flurry of buying that lifted certain stocks enough to force hedge funds and other institutions that had bet against them to buy. GameStop was the poster child for that meme mania. but other companies, including AMC, surged as well.
Though many analysts and institutions moved on from such stocks after their initial pops last year, AMC and GameStop still have plenty of dedicated supporters.
It’s a fool’s errand…