Return of the meme stock? Retail short squeeze targets rally

KOSS

23/03/2022 19:58

NEW YORK, March 23 (Reuters) - More than a year after retail
investors, aided by social media, forced an epic squeeze of a
handful of heavily shorted stocks, a few of the infamous "meme"
stocks were back in the fast lane this week. 
    GameStop Corp  GME.N  shares were up 12.9% in the last half
hour of trade on Wednesday and AMC Entertainment Holdings
 AMC.N  surged 14.4%.
    While GameStop shares were boosted by Chairman Ryan Cohen's
disclosure that his investment company bought 100,000 shares of
the video game retailer, the increase extends the 30% rally on
Tuesday, which had no apparent catalyst.  urn:newsml:reuters.com:*:nL3N2VP4F7
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    GameStop and AMC were the top two most trending stocks on
the retail investor-focused stocktwits.com on Wednesday.
    Other companies associated with the trend, also referred to
as "stonks" on social media, like Blackberry  BB.N , Koss Corp
 KOSS.O  and Sundial Growers  SNDL.O , were all up between 1.4%
and 4.2%.
    Netherlands-based electric vehicle charging company Allego
NV  ALLG.K   ALLG.N  joined the fray, skyrocketing as much as
133.2%.
    On Tuesday, short sellers in Tesla Inc  TSLA.O  , GameStop
and AMC lost $2.32 billion, according to S3 Partners.
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 (Reporting by Stephen Culp; Editing by Alden Bentley, Bernard
Orr)
 ((stephen.culp@thomsonreuters.com; 646-223-6076;))