The wild ride for Reddit stocks has continued today, in dramatic fashion. Let’s take a look at four of the favorites among the r/WallStreetBets investment crowd today.
You Have to Begin with GME Stock
The headliner among the r/WallStreetBets group has been GameStop (NYSE:GME) in recent months. Investors need to remember that this stock was trading at the $2.50-per-share level this past year, before spiking on expectations of a short squeeze this year.
Today, GME stock spiked to $348.50, jumping 40% on little news. Retail investors continue to bid up shares in a frenzy, hoping to cause pain for short-sellers forced to pay high borrow fees to short the stock. Investors also seem to be enamored with the announcement made by GameStop that Chewy (NYSE:CHWY) cofounder Ryan Cohen would be looking into evolving the company’s business model toward e-commerce.
But GME stock did not stay at the highs.
Since the spike this morning, shares plummeted, following the pause in trading enacted by the exchange today. At the time of writing, shares are still approximately 6% higher on impressive volume today.
Don’t Forget About AMC Stock
The #saveAMC trade is alive and well. Retail investors have continued to pile into AMC Entertainment (NYSE:AMC) in recent weeks, with the company’s stock chart following a very similar pattern to that of GameStop of late.
AMC has been highly touted as another short-squeeze opportunity. Retail investors have looked at this beaten-up retail stock not only as a way of getting back at Wall Street short-sellers, but also as the opportunity to save a business from the brink of bankruptcy. Whether the ultimate motives are altruistic or not, AMC stock continues to be buoyed by strong retail investor demand. At the time of writing, AMC shares are trading flat, after seeing a similar spike of more than 20% this morning.
KOSS and EXPR Stock Also Up Today on Massive Volume
Koss (NASDAQ:KOSS) and Express (NYSE:EXPR) are also up dramatically today. Shares of these two retail-oriented stocks are up more than 50% and and 25%, respectively, at the time of writing.
In the case of Koss, frenzied retail buying has been given an assist from a recent report that the Global Unified Communication (UC) and Business Headsets Industry is likely to take off over the next few years.
According to this report, the market is set to reach $4.9 billion by the time 2027 rolls around. To put that in perspective, it was worth $2.4 billion in 2020. That matters to KOSS stock as the company was named in the report as one of the featured competitors in the space.
In the case of Express, the company’s plan to grow its digital channel to $1 billion in 2024 has poured gasoline on the speculative fire in Reddit stocks of late.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.
