- NYSE:GME added 4.77% after spending most of the morning in the red.
- AMC took the wheel on Thursday, as the short squeeze saga continued.
- Meme stock trading volume soars through the roof on Thursday, as diamond hands hold strong.
Another day of meme stock domination on Thursday saw GameStop (NYSE:GME) take a back seat to AMC (NYSE:AMC) as Redditors continue to jump back and forth between the two stocks. Shares of GameStop rallied to close the day, adding 4.77% to hit $254.13 before the closing bell. Both GME and AMC are down in after hours trading, which can be expected as momentum traders most likely exited their positions after gaining some quick profits.
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AMC was the belle of the ball on Thursday, as the movie theater chain surged by 35.72% to close the day at a staggering $26.52. Redditors added a third heavily-shorted stock to their ranks, as Beyond Meat (NASDAQ:BYND) also gained 12.52% on Thursday, alongside one of the largest coordinated rallies since the original short squeeze event in January. According to some reports, AMC’s recent rally has cost short sellers an estimated $1.8 billion, and with many indicating that the real gamma squeeze or MOASS, is yet to come, hedge funds may be working overtime to cover their positions.
GME stock forecast
Diamond hands were holding strong on Thursday, as AMC saw its daily trading volume reach 688 million shares, in what is almost a comical figure. GameStop was relatively quiet with only 15 million shares changing hands and Beyond Meat saw 20 million shares traded. Retail investors are certainly holding strong, although those who are feeling FOMO or fear of missing out, may find it safer to stay on the sidelines as history often repeats itself when it comes to the markets.
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