NYSE:GME jumped 5.88% to close the week out strong alongside the broader markets.
Meme stocks rose on Friday after a multi-day lull signalling the short squeeze may not be over.
As the weeks roll on, more names keep getting added to the meme stock narrative.
NYSE:GME hit a mid-day lull on Friday and then surged into the weekend alongside the broader markets, as Wall Street shrugged off the rising inflation report from the CPI on Thursday. Shares of GameStop ended higher to close the week as the stock gained 5.88% and ended the trading day at $233.34. GameStop is still recovering from the 27% tumble it took following its annual shareholders meeting where Chairman of the Board Ryan Cohen unveiled his new executive team, as well as a plan to sell shares to raise further capital.
GameStop wasn’t the only meme stock to rise to end the week as new WallStreetBets favorite AMC (NYSE:AMC) shook off its recent dip to gain 15.39% on Friday. There were muted gains for other Reddit favorites including BlackBerry (NYSE:BB) which added 2.09% and Clover Health (NASDAQ:CLOV) which gained 4.81%. Short sellers continue to lose massive gains during the recent short squeeze event, with recent reports indicating tens of billions of dollars over the past few weeks.
GME stock forecast
As the weeks go on and more regulatory eyes remain on GameStop and AMC, Redditors have turned to other stocks with high short interest. Obscure names like Ashford Hospitality (NYSE:AHT) and Vinco Ventures (NASDAQ:BBIG) have seen massive spikes in trading volume as retail investors attempt to trigger another squeeze. What’s next for GameStop? It’s hard to apply any sort of technical analysis to meme stocks as their volatility from day to day means support and resistance levels aren’t as important. If the shakeout following the earnings report has ended, GameStop may be heading back up in the weeks to come.
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