The SEC continues to “monitor the market in light of the ongoing volatility in certain stocks to determine if there have been any disruptions of the market, manipulative trading, or other misconduct,” an SEC spokesperson said in a statement on Monday. With GameStop set to report its quarterly results on Wednesday, the same day it holds its annual shareholders meeting, options prices imply a potential 24% swing for the stock in either direction by the end of the week, according to data from Refinitiv.ĪMC has been the top-traded stock among clients of brokerages Fidelity and Freetrade, used heavily by individual investors managing their own money, data showed.īlackBerry topped the list of stocks mentioned on wallstreetbets on Monday, according to the sentiment tracker. "It's hard to justify where the stock is trading relative to the fundamentals."īank of America stopped covering GameStop last week, citing "a reallocation of resources." "We're focusing on other areas," he said. His last rating was "underperform," with a price target almost 90% below Monday's level. Telsey Advisory Group analyst Joseph Feldman terminated coverage of GameStop. They start over, the meme stock buyers, the wallstreetbets Reddit community."ĭespite the retail-investor driven rally, Wall Street analysts have largely refused to raise target prices, which reflect their view of fair value for a company's shares.
"They're trying to do the same thing they did last week. Institutional investors are largely sitting on the sidelines as the meme-stock rally continues.Īmateur investors, however, "don't need a reason," said Michael O'Rourke, chief market strategist at JonesTrading in Stamford, Connecticut. The insurer’s shares soared 32% in their highest volume trading day since April 19. Short interest slumped to 74.5 million shares, or 14.9% of AMC's float, from 88.2 million on Thursday, according to S3 Partners.Ĭlover Health Investments (CLOV.O), which has been the target of short sellers, was one of the most mentioned stocks on Reddit's wallstreetbets on Monday, with some users suggesting the shares as the forum's next short-squeeze target. Some bearish investors retreated from bets against AMC on Friday. Just when I think that train is over, it jumps almost 10 points in the first 30 min of trading," one poster on Reddit wrote.ĪMC shares are up about 2,500% in 2021 as the company has courted individual investors, while GameStop has surged over 1,300% year to date. listing surged 14% and is now up 57% since the start of June. Cinema operator AMC jumped almost 15%, putting its gain over the past five sessions at 111%.
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