Meme stocks back in vogue as Ryan Cohen buys in GameStop

Hycroft Mining Holding

23/03/2022 15:39

(Updates)
    ** Meme stocks climb, tracking a surge in the shares of
video-game retailer GameStop  GME.N 
    ** GME shares were up 12.3% after Chairman Ryan Cohen on
Tuesday disclosed that his investment company bought 100,000
shares. Shares had rallied about 30% for no apparent news on
Tuesday  urn:newsml:reuters.com:*:nL2N2VP2QL  urn:newsml:reuters.com:*:nL3N2VP4F7
    ** AMC Entertainment  AMC.N  advanced 4.7%, European EV
charging co Allego  ALLG.N  gained 134.6%, while EV firm Mullen
 MULN.O  added 1.7%  urn:newsml:reuters.com:*:nL2N2VQ14Y
    ** GME and AMC were the top two most trending tickers on
investor-focused site stocktwits.com on Wednesday
    ** The two stocks were at the heart of the 2021 meme stocks
saga, when retail investors coordinated on online message boards
to fuel stunning rallies that cost short-sellers billions of
dollars
    ** Enthusiasm around "meme stocks" had eased for young
investors, with Gen Z's attention shifting to companies in areas
like electric vehicles and the "metaverse," according to a
report released in January
    ** Tesla  TSLA.O , another retail darling, rose 4.3%
    ** The recent run up in GME, AMC and TSLA has knocked off
some of the YTD mark-to-market profits for short sellers, said
Ihor Dusaniwsky, managing director of predictive analytics at S3
Partners
    ** The daily retail purchases of U.S. equities and ETFs have
rebounded back to YTD averages (~$1.3 bln/day) following the
hawkish FOMC meeting on last Wednesday - Vanda Research
    ** GME, AMC have jumped 42% and 18% respectively, following
the hawkish U.S. Fed meeting on March 16

 (Reporting by Amal S and Medha Singh in Bengaluru)
 ((Amal.S@thomsonreuters.com; within U.S.+1 646 223 8780;
outside U.S. +91 80 6749 3677;))