GameStop Corporation rose for the 10th straight session on Monday, giving the stock its biggest winning streak since April 2010.
GameStop Corporation rose for the 10th straight session on Monday, giving the stock its biggest win since April 2010. Grapevine, a Texas-based video game retailer, has seen a 143% increase in this rush, as Wall Street seekers and individual investors flock to it. Dangerous pockets in the market, the so-called meme stocks revive. Gamestop closed at a nearly four-month high, while another retail favorite, movie theater chain AMC Entertainment Holdings Inc., rose 45% for its best day since June.
The latest rally for the pair was lighter than the madness that rocked Wall Street last year, but it’s a signal that investors aren’t done with meme stocks yet. Shares of AMC Entertainment have risen nearly 1,300% since 2020, while Gamestop has risen more than 900%.
Both companies were among the most actively traded stocks on Fidelity’s platform on Monday, followed by Tesla Inc. For both of these stocks, the options for further strength betting were significant.
Beyond Gamestop and AMC, the basket of 37 meme stocks tracked by Bloomberg rose 11% on Monday and is now up 46% from its March 14 bottom. Despite the latest rebound, the group is down 18% from where it traded a year ago.