GameStop climbed 16% in the stock market to $ 209.43 on Tuesday, May 25, Bloomberg reported.
This marked the highest value since March 17, and the rise was driven by investors promoting the stocks on social media platforms like Twitter, Stocktwits and the WallStreetBets traders chat, according to Bloomberg. There were over 14 million GameStop shares traded, more than triple what had been seen in months.
AMC has also benefited from the influx of trading. The movie company’s stock jumped 20%, a peak of around four months, Bloomberg reported. There were over 200 million AMC shares traded on Tuesday. This made it the second most traded stock with a value over $ 1.
Bloomberg tracked 37 memes, and the group climbed 5.4%, pausing the 50-day moving average for the first time in months.
The top performer among stocks on Tuesday was Koss, however, who saw a 23% rally to $ 20.78, according to Bloomberg.
Meanwhile, Naked Brand Group rose 7%, while other favorites such as Express and Sundial Growers both rose more than 5%, Bloomberg reported.
With Tuesday’s rally, there have been four straight days of gains for this group, which was a departure for the performance of the market as a whole, according to Bloomberg. Most of the major groups in the S&P 500 are not doing as well due to the poor performance of some US home sales, with high prices reducing demand.
Meme stocks were all the rage earlier this year, with GameStop in particular being rallied by retail traders at a price of $ 336 a share. The windfall came amid a frenzy of small investors trying to gamble with the big institutional hedge funds, which had run out of GameStop. Particular emphasis was placed on the effort of the aforementioned Reddit forum, WallStreetBets, which saw the stock rise from $ 17 per share at the start of January to over $ 330 at the end of January.