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Meme Stock Rally Reignites with Roaring Kitty’s Return to Social Media

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2 months ago

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The meme stock phenomenon has reignited with a surge in GME, AMC, KOSS, Virgin Galactic, and BlackBerry stocks on Tuesday morning. Short sellers faced significant losses, with GameStop recording approximately $2.2 billion in mark-to-market losses this week.

AMC Entertainment successfully raised $250 million in equity capital, with Citi raising its price target for AMC stock. Analysts predict more short covering may occur with GME amidst a 100/100 ‘squeeze score,’ indicating a high likelihood of a short squeeze.

GME stock soared 98% in early trade on Monday after Keith Gill, also known as Roaring Kitty, returned to social media after a significant absence. The rally saw GME pause multiple times on the stock exchange while sparking retail investor enthusiasm.

GameStop and AMC shorts suffered substantial losses, while other meme stocks like KOSS, BlackBerry, and Virgin Galactic saw significant gains. Beyond Meat, Rent The Runway, and SunPower were among the other active stocks during the rally.

Rachel Adams

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