At writing, GameStop Corp. (NYSE: GME) stock is trading near $240 per share, an increase of more than 500% off of its February lows. And while it’s still one of the most shorted stocks on Wall Street, there is positive news driving the latest moves.
According to Highshortinterest.com, about 41% of the public float is currently sold short — a far cry from the 140% at its peak in January, but still the highest short interest of any listed stock.
Yesterday, the company announced Ryan Cohen will join GameStop to lead its e-commerce team. Cohen founded Chewy.com, which he sold to Petsmart for $3.35 billion. He was named to Fortune magazine’s 40 under 40 list in 2019.
Another WallStreetBets favorite, AMC Entertainment Holdings, Inc. (NYSE: AMC) is up nearly 90% from its February lows. At writing, the stock is trading just under $10 per share.
This stock did receive an analyst upgrade of sorts. Michael Pachter, an analyst from the investment firm Wedbush Securities, doubled his price target from $2.50 to $5, which is still nearly a 50% discount from today’s price.
And despite many restrictions being lifted around the country, Pachter wrote, it’s “tough to get positive here, despite rising industry optimism,” as per TheStreet.
GME and AMC were among several “meme stocks” that became extremely volatile in January when members of the Reddit group WallStreetBets started buying the stocks aggressively.
The activity caught the eyes of lawmakers in Washington, D.C.
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