It’s been a whirlwind week for GameStop and other meme stocks, including AMC, with big swings followed by heavy selling, absent concrete news. Instead, the activity has been fueled by the return of social media investor "Roaring Kitty," also known as Keith Gill, who started posting on X after a three-year hiatus. The extreme volatility has cost short sellers – those betting the shares will fall – big time. GameStop shares are up over 126% this week, costing the shorts more than $1.
shares have risen 88% this week, costing shorts more than $157 million, also according to Ortex. For AMC, losses kick in at $5.73 per share. This week the theater chain raised $250 million in a stock sale. Still, Ortex notes short positions based on the float, or number of shares available for trading, have ticked higher this week for both stocks, "signaling that short sellers have not closed any positions," the firm stated. This suggests the likelihood of more downside versus upside.
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