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The Return of Roaring Kitty and the Meme Stock Craze
Recent developments in the stock market have seen the resurgence of the meme stock craze, with the return of Roaring Kitty to social media sparking renewed interest in stocks such as AMC Entertainment. On Monday, AMC raised approximately $250 million in new equity capital by selling 72.5 million shares at an average price of $3.45.
AMC Stock Surge
Following this announcement, AMC stock surged an impressive 130% in pre-market trading on Tuesday, maintaining its momentum with a 102% increase after markets opened. However, trading was halted in the afternoon, with the stock priced at $7, representing a 36% increase. The closing price of AMC shares settled at $6.85, reflecting a 32% gain.
Roaring Kitty’s Impact
The resurgence of Roaring Kitty, also known as Keith Patrick Gill, on social media platforms such as Twitter has been a major driver of the recent meme stock craze. Gill, who gained notoriety for his role in igniting GameStop’s meme stock short squeeze in 2021, posted a picture on social media that depicted a gamer showing intense focus. This post generated speculation among followers that he may be returning to Reddit, attracting over 24 million views as of Tuesday morning.
In tandem with AMC’s performance, GameStop’s stock also experienced significant gains during Tuesday’s premarket trading, soaring over 127% due to the prevailing meme craze. GameStop closed at $30 on Monday, recording a substantial increase of over 74%.
Further Insights on GameStop, AMC, and Meme Stocks
- GameStop short-sellers have suffered losses exceeding $2 billion amidst the ongoing meme stock rally.
- Roaring Kitty’s reemergence has reignited the GameStop meme stock frenzy, reshaping the market landscape.
- While attention often focuses on GameStop and AMC, other meme stocks are also experiencing significant rallies, showcasing the broader impact of this trend.
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