The stock jumped abruptly in what was otherwise a quiet Friday for meme stocks.
After trading around $44.12 after noon, AMC shares (symbol: AMC) suddenly jumped. Shares rose 12 percent to $48.01 after 2 p.m., analysts at S&P Global Ratings gave on Thursday.
Rating upgrade based on fundraising efforts
Originally volatile meme stock (GME) was up 1.4 percent to $223.55.
(NOK) fell 0.6% to $5.42, while
Shares (BB) were up 1.4% to $14.09.
AMC’s sudden breakout keeps the latest trend Since April 30, but prior to its latest jump, AMC shares have averaged moves – meaning in either direction – at 3.5% on Friday, compared with 14.1% on other weekdays during that period, GameStop shares have seen. similar trends The average absolute movement was 3.81% on Friday, compared to the daily average absolute movement of 7.8% on the rest of the weekdays. According to Dow Jones market data
News about GameStop dominating meme stock trading this week, this video game retailer provides investors with a wealth of information. This includes two senior executives, earnings and a plan to sell shares at market prices.
Both AMC and GameStop skyrocketed last month as price increases prompted traders who bet on stocks to fall or close their positions. Their purchase sent the stock higher on the so-called short-term squeeze, but GameStop shares were down about 27 percent on Thursday. Friday’s move was a small relief for those holding shares in hopes of further gains.
Ihor Dusaniwsky, managing director of short sales analytics firm S3 Partners, noted that both AMC and GameStop still have enough short sellers to cause a bigger squeeze. After the market close on Thursday He estimates GameStop’s short-term interest at 11.23 million shares, or 19.4 percent of the total available to trade. For AMC, he expects short-term interest at 69.85 million shares, or 14% of the float.
He said the short seller had covered 685,000 shares of GameStop worth $207 million over the past 30 days, most of which happened last week. For AMC, the short seller bought back 20.6 million shares. $1.02 billion in the last 30 days
“AMC’s share price continues to fluctuate, with short sellers making hundreds of millions of dollars a day or losing hundreds of millions of dollars a day,” he said.
Those of you who expect meme stocks to calm down next week should remember that GameStop’s busiest day since April 30 was Monday. With an average movement of 9% and Thursday at 9.3% for AMC, Wednesday and Thursday were the busiest. On average they move in either direction, on average 23% and 15% each day.