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The Return of Roaring Kitty: Meme Stocks Soar on Social Media Buzz

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Shares of GME, AMC, KOSS, and BlackBerry surged in early trading, following a massive rally in meme stocks driven by social media hype.

AMC Entertainment raised $250 million by selling shares at an average price of $3.45, with Citi raising its target price for AMC stock.

Short sellers incurred significant losses, particularly on GameStop stock, prompting expectations of further short covering.

Keith Gill, known as Roaring Kitty, made a return to social media, sparking renewed interest in meme stocks among retail investors.

Retail investors coordinated buying activity on online forums, setting off a buying frenzy that caught short sellers off guard.

The influx of new investors contributed to the soaring prices of GME and AMC stocks.

GameStop stock witnessed a 98% surge, while AMC stock spiked 121%, reaching their highest levels in months.

Other meme stocks like KOSS, BlackBerry, Beyond Meat, Rent the Runway, and SunPower also experienced increased trading activity.

The momentum was further fueled by Keith Gill’s online presence and engagement with the meme stock community.

The resurgence of meme stocks raises concerns about market volatility and the potential impact on short sellers and retail investors.

Rachel Adams

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