{"id":126211,"date":"2022-03-23T21:21:49","date_gmt":"2022-03-23T21:21:49","guid":{"rendered":"https:\/\/fin2me.com\/?p=126211"},"modified":"2022-03-23T21:21:49","modified_gmt":"2022-03-23T21:21:49","slug":"these-gamestop-traders-struck-gold-then-came-the-hard-part","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/these-gamestop-traders-struck-gold-then-came-the-hard-part\/","title":{"rendered":"These GameStop traders struck gold. Then came the hard part."},"content":{"rendered":"<p><cite>New York (CNN Business)<\/cite>The meme stocks are back. <\/p>\n<p>Shares of GameStop and AMC, two companies beloved by traders on Reddit and other social media platforms, are surging again.<br \/>\nShares of <span>GameStop<\/span> <span>(<span>GME<\/span>)<\/span> rose more than 30% Tuesday and were up another 16% Wednesday. <span>AMC<\/span> <span>(<span>AMC<\/span>)<\/span> soared 15% Tuesday and gained 20% Wednesday.<\/p>\n<ul><\/ul>\n<p>GameStop popped after the company&#8217;s board chairman Ryan Cohen, co-founder of online pet supplies retailer <span>Chewy<\/span> <span>(<span>CHWY<\/span>)<\/span>, bought another 100,000 shares. &#8220;I put my money where my mouth is,&#8221; he tweeted Tuesday. His RC Ventures now owns 9.1 million shares, an 11.9% stake in the retailer.<\/p>\n<ul><\/ul>\n<p>Cohen disclosed in a Securities and Exchange Commission filing that he bought the GameStop shares Tuesday at a price range of $96.81 to $108.82. The stock closed Tuesday at $123.14 and was trading at around $143 per share Wednesday afternoon.<\/p>\n<p>Cohen is hoping to turn GameStop around with investments in NFTs and other cryptocurrency and blockchain initiatives. He has brought in two former <span>Amazon<\/span> <span>(<span>AMZN<\/span>)<\/span> executives to be the new CEO and chief financial officer. (Cohen is also pushing for changes at struggling retailer <span>Bed Bath &amp; Beyond<\/span> <span>(<span>BBBY<\/span>)<\/span>. His firm has recently taken an activist stake.)<br \/>\n<img decoding=\"async\" alt=\"AMC may sell you popcorn outside of movie theaters\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/220216081537-01-amc-theater-popcorn-file-large-169.jpg\"><br \/>\nAMC is benefiting from some executive chatter on Twitter as well. <\/p>\n<ul><\/ul>\n<p>The theater chain&#8217;s CEO, Adam Aron, tweeted Tuesday about his excitement for the upcoming spring and summer movie slate and defended the company&#8217;s recent purchase of a more than 20% stake in gold and silver miner Hycroft.<br \/>\n&#8220;So amusing. Narrow-minded call our Hycroft investment&#8230; &#8216;stupid&#8217;&#8230;&#8217;idiotic.&#8217;  AMC so understands how to raise cash and stretch out debt,&#8221; Aron wrote, referring to his company&#8217;s recent plans to refinance.<br \/>\n&#8220;Tons of crow eating ahead, and it won&#8217;t be by me!&#8221; the CEO added.<br \/>\nBoth GameStop and AMC have fallen this year, along with the broader market. AMC shares are still down nearly 20% in 2022, despite a nearly 45% surge in the past five days. GameStop&#8217;s stock has fallen about 3% this year, even after skyrocketing 65% in the past week.<\/p>\n<ul><\/ul>\n<p>Individual investors on Reddit aren&#8217;t the only ones trying to cash in on the AMC and GameStop frenzy. Those stocks are top holdings in a meme ETF run by investment firm Roundhill. The ticker symbol? MEME, naturally.<br \/>\nThe companies are also top stocks in a VanEck ETF that tracks social sentiment and trades under the ticker symbol BUZZ. Both funds are down about 20% this year, but have rallied sharply in recent days.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2022\/03\/23\/investing\/meme-stocks-gamestop-amc\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (CNN Business)The meme stocks are back. Shares of GameStop and AMC, two companies beloved by traders on Reddit and other social media platforms, [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":126210,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>These GameStop traders struck gold. 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