Meme stocks such as GameStop Corp. (NYSE:GME) and AMC Entertainment Holdings Inc. (NYSE:AMC) may soon see another short squeeze, based on the social media chatter around both stocks, according to social-media tracker HypeEquity.
What Happened: According to HypeEquity data, video game retailer GameStop’s "social volume," or the number of times people discussed the company on social media, was 4,514 on Tuesday. Similarly, movie theatre chain AMC Entertainment saw 3,080 mentions on social media, indicating the heightened retail investor in both these stocks.
AMC’s shares rose for the ninth straight day on Tuesday, while GameStop stock recouped its losses earlier in the day to end higher for the third consecutive day.
As per a report by MarketWatch that cited the HypeEquity data, almost 8% of the comments on both stocks included the word “squeeze.”
See also: How to Buy GameStop (GME) Stock
HypeEquity founder Travis Rehl was quoted by the report as saying that the comments indicated “a clear desire for a short squeeze either today or very soon.”
See Also: AMC Completing $428M Stock Sale Gives Another Boost To Shares: What You Need To Know
Why It Matters: The social media chatter surrounding these stocks comes amid reports that short sellers, or those betting for declines in a company’s shares, are once again preparing to short these stocks.
Heavily shorted stocks such as GameStop and AMC Entertainment stole the limelight earlier this year after a flurry of buying by amateur retail investors on Reddit forced bearish investors, including hedge funds, to unwind their bets against these stocks.
Price Action: GameStop shares closed less than 0.1% higher in Tuesday’s regular trading session at $180.67 and added almost 0.2% in the after-hours session to $181.00.
AMC Entertainment shares closed almost 0.6% higher in Tuesday’s regular trading session at $14.03, but declined almost 0.8% in the after-hours session to $13.92.
Read Next: Gamestop, AMC Latest Stock Surge Costs $930M Loss For Short Sellers In A Week
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May 19, 2021 at 04:02PM
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Are GameStop, AMC On The Verge Of Another Short Squeeze? - Benzinga
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