GameStop and AMC Entertainment shares retreated after a period of meme-trading activity, with traders cashing in and price rallies cited as hype by analysts.
GameStop and AMC Entertainment shares backed off, presumably on profit taking, as the past three-days of ‘meme-trading’ cooled.
In New York, on Wednesday, GameStop was down 23% at $38.00 per share, and AMC was down 21% at $5.38.
Elsewhere, to complete everyone’s meme-stock bingo cards, market analysts were making headlines by dismissing the skyrocketing share price rallies as “pure hype”.
Really, that’s not much of a revelation.
At this stage, practically everyone following these stocks understands that the so-called retail traders buying up the shares are not doing so based on traditional investment analysis.
Practically by design, this trading activity is tapping into a deliberate herd mentality found in, let’s say 'enthusiastic', pockets of the internet.
