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...Much of the activity has been driven by retail traders who got hooked on the stock market during the 2021 meme stock craze, when buying by small investors sent retailer GameStop skyrocketing....
...At GameStop they have 58 per cent. Not only was the offer to Redditors relatively small but so was the float....
...It has been more than two years since GameStop’s stock caught fire on social media, at one point rising 135% in one day. The new film Dumb Money chronicles how the GameStop saga played out....
...This is a reference to the Reddit retail traders who became notorious for buying up shares of AMC and GameStop....
...No surprise then that splits have also drawn predominantly tech and meme stocks, such as video game retailer GameStop, another of the class of 2022....
...Predictably, the claims sent conspiracy-minded Redditors — including some of those who previously pumped meme stocks such as Gamestop — into a frenzy....
...Reddit also hosts the subreddit WallStreetBets, champion of the individual investor and catalyst behind the meme stock frenzy that propelled stocks such as Gamestop and AMC Entertainment skywards and crushed...
...Bed Bath & Beyond is one of a handful of meme stocks that became popular at the start of 2021 but has garnered less attention than GameStop, the video game retailer chaired by Cohen, and AMC, the cinema...
...(Armstrong & Wu) One good read AQR’s Clifford Asness on Dumb Money, the new movie about GameStop....
...A version of this article was first published by Nikkei Asia on May 15 2023. ©2023 Nikkei Inc. All rights reserved....
...Plotkin was caught out by the meme-stock craze that sent shares of companies such as AMC and GameStop surging in early 2021....
...“We can have real debates about the value of Tesla, or GameStop for that matter, because it’s still a viable company,” he said, referring to other stocks favoured by retail investors....
...AMC never went to the moon (though it did buy a gold mine), the Blackberry phone remains dead, and the original “superstonk” GameStop doesn’t seem to have slayed the global hedge fund industry....
...GameStop, but for its meme-stock status, might be in the same boat. But Macy’s, Foot Locker and Nordstrom are trickier....
...In 2020 and earlier this year, zombie companies such as GameStop inspired retail investors to rally on social media then drive up share prices....
...(See Rob’s segment above for our case against GameStop and, by extension, AMC.)...
...“His big idea was — wait for it — NFT wallets,” said one GameStop analyst....
...He began investing in GameStop through RC in 2020, eventually accumulating a 12.9 per cent stake....
...The air is simply coming out of all the bubbly EV plays; just as it has for the stay-at-home stocks like Peleton, Zoom and Carvana; just as it has for meme stocks like AMC and Gamestop; just as it has for...
...The extreme valuation boost enabled GameStop to raise over $1bn in capital by selling more shares. “GameStop ended last year with $1.3bn in cash and cash equivalents....
...In early September, REX Shares filed to offer inverse exposure to “meme” stocks, including GameStop, AMC, Coinbase, Robinhood, Peloton, Beyond Meats, Nikola, PENN Entertainment, Tilray Brands and MicroStrategy...
...District Court Judge Cecilia Altonaga in Miami said in the ruling that investors in GameStop Corp, AMC Entertainment Holdings Inc and seven other stocks can proceed with a proposed class action lawsuit alleging...
...Yet GameStop shares are down 40 per cent over the past year. Revlon investors can take comfort that at least the cost of entry was low....
...GameStop, the video game retailer that became the original meme stock last year, has almost doubled in value since May....
...From the GameStop crisis of January 2021, when Robinhood curbed access to trading in the company’s shares, to Robinhood’s initial public offering seven months later, he has found that a clear mission makes...
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