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Meme stocks are riding a renewed wave of enthusiasm from Reddit on Wednesday, as traders pile into old favorites amid a fresh wave of gains.
AMC and GameStop both climbed by double digits on Tuesday, but have given up some gains early in Wednesday's session. Still, Reddit traders are cheering a new bull run for both names.
Among the most hyped stocks on Wall Street Bets — Reddit's 10-million strong forum — were GameStop, which was mentioned 1,900 times in the last 24 hours, and AMC Entertainment, which garnered 638 mentions, according to data by Quiver Quantitative, an analytics firm. Blackberry was also mentioned 355 times as well as Clover Health and Cassava Sciences.
Data from WSBtrending also illustrates a rise in chatter around meme stocks.
On the Reddit forum, one user — in a post that was upvoted over 20,000 times — said: "GME GANG IS BACK."
Another user said they turned $90,000 to $250,000 in one day, while another said they spent $5,000 and grew it to $20,000 in two hours. Both posts, referring to GameStop, have received thousands of upvotes.
Shares of the meme stock surged to their highest level in 10 weeks on Tuesday, though the stock has fallen in Wednesday trading.
Here's where the top-mentioned stocks on Wall Street Bets were trading as of 10 a.m. ET on Wednesday:
GameStop: down 6.66% to $198.28
AMC Entertainment: down 0.38% to $44.09
Blackberry: up 1.60% to $11.28
Clover Health: down 2.19% to $8.73
Cassava Sciences: down 28.97% to $83.69
Meme stocks dominated market headlines for weeks at the beginning of this year, led by GameStop. The Texas-based company's stock skyrocketed from around $40 to intraday highs of over $450. AMC rallied as well, albeit to a fraction of the price GameStop achieved at its peak.
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See Also:
- These are the top 10 stocks Reddit's Wall Street Bets is talking about
- Top 16 meme stocks this week on Reddit: Alibaba comes back from the dead, and Nvidia catches fire, while AMC and GameStop stick around
- Jerome Powell needs to be bold and detail the Fed's next steps at Jackson Hole for the sake of the economy, Mohamed El-Erian says
