Why GameStop and Other Meme Stocks Jumped Today
It's hard to know what drives the moves in so-called meme stocks. But after some actual good news for the business helped shares in AMC Entertainment Holdings today, it may just be the others are moving in sympathy. Several other names, including original meme stock GameStop (NYSE: GME) are moving higher. As of 3:50 p.m. EDT, GameStop, apparel retailer Express (NYSE: EXPR), cannabis company Sundial Growers (NASDAQ: SNDL), and SmileDirectClub (NASDAQ: SDC) were moving as follows:
Meme stocks sometimes seem to move just on the whims of social media forums. But after AMC got a potential shot in the arm from news in the movie industry today, some of the retail traders following these names may be focusing back on short interest to bet on potential short squeezes. SmileDirectClub has over 32% of its float sold short, as of the end of August, according to data from MarketWatch.
Image source: Getty Images.
Source Fool.com
