Today, meme stocks are catching headlines once again after GameStop (NYSE:GME) Chairman Ryan Cohen purchased 100,000 shares of GME stock. Now, a number of names that jumped in last year’s meme surge are in the green today as well.
What’s going on in the markets?
Well, Ryan Cohen’s purchase has seemingly added bullish momentum to the once down-trodden GME stock. After this week’s purchase, the executive now owns nearly 12% of the video game retailer. Cohen tweeted the news out Tuesday night, simply stating, “I put my money where my mouth is.”
Today, GME stock is trending up more than 15% on a very strong week for the company. GameStop is up more than 50% so far this week, jumping around 30% on Tuesday alone. That makes this week its biggest jump since March 2021.
If you recall, Cohen — the founder of Chewy (NYSE:CHWY) — joined GameStop’s board last year with a mission to revitalize the dwindling retailer. GameStop has seen its revenue slow as gamers shift to downloading games instead of buying physical discs, which the company specializes in. Now, working to turn itself around, GME has been less than transparent about current projects. Many investors are interested in a potential non-fungible token (NFT) marketplace operated by GameStop. Rumors about the project have swirled over the past few months.
Today, GameStop isn’t the only meme stock in the green, however.
Meme Stocks Surge on GameStop Bull Run
It seems that Cohen’s purchase this week has ushered in an across-the-board jump for a number of meme stocks. GameStop, AMC (NYSE:AMC), Koss (NASDAQ:KOSS) and Sundial Growers (NASDAQ:SNDL) are all in the green today. These were some of the biggest names caught up in the meme-stock boom last year.
While GME stock rules the day, AMC and Sundial investors should also be pleased by the recent gains. Today, AMC stock and SNDL stock are up 14% and 5% respectively, likely on hopes this month will bring yet another surge. KOSS stock is up more than 6% as well.
Indeed, companies like GameStop saw huge surges around this same time last year. Retail investors on Reddit’s r/WallStreetBets subreddit collaborated to lift a number of names they considered undervalued, bringing the “meme stock craze” to fruition. While GME’s jump this week is a ways away from last year’s highs, investors are clearly still hopeful for another comeback.
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On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.