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Summary
- Day traders’ favorite GameStop stock made a comeback to the top of the trending list on Wednesday, skyrocketing by nearly 104 per cent.
- AMC Entertainment stocks shot up by 18 per cent on Wednesday, recording its second-highest share price for the month.
- Fueled by the retail traders, stocks of fashion retailer Express Inc galloped by nearly 41 per cent on Wednesday.
The meme stock rally that had taken equity markets by storm in January seems to be heading for Round 2. Day traders’ favorite GameStop stock made a comeback to the top of the trending list on Wednesday, February 24, skyrocketing by nearly 104 per cent. The bullish rally quickly spread to other shorted stocks through the day, bringing names like AMC Entertainment (NYSE:AMC, AMC:US), Express Inc (NYSE:EXPR, EXPR:US), Naked Brand (NASDAQ:NAKD, NAKD:US) and Koss Corporation (NASDAQ:KOSS, KOSS:US) to the trending page again.
Let’s analyze these five meme stocks closely.
1. GameStop Corporation (NYSE:GME, GME:US)
Stocks of video game retailer GameStop Corporation lost steam and disappeared from trend lists this month after its dizzying investor-boosted rally in January. But just as it began to seem like retail traders have forgotten about GameStop, its stocks scored the biggest advance since January-end, jumping from Tuesday’s closing price of US$ 44.9 to US$ 91.7 on Wednesday.
As GameStop’s trading volume expanded on Wednesday, the stock went on to secure a growth of some 83 per cent in after-hours trading.
©Kalkine Group 2021
2. AMC Entertainment Holdings Inc (NYSE:AMC, AMC:US)
AMC Entertainment stocks shot up by 18 per cent on Wednesday, recording its second-highest share price for the month (US$ 9.09) since hitting US$ 13.3 on February 2.
The latest surge brings AMC’s year-to-date (YTD) growth to 329 per cent and its average 10-day trading volume to over 124 million.
3. Express Inc (NYSE:EXPR, EXPR:US)
Fueled by the retail traders, stocks of fashion retailer Express Inc galloped by nearly 41 per cent on Wednesday. While the latest surge did not bring Express stock anywhere close to its 52-week high of US$ 13.97, it managed to high a day high of US$ 3.45 before closing at US$ 3.25.
The stocks currently hold an average trading volume of over 41 million for the past one month.
4. Naked Brand Group Limited (NASDAQ:NAKD, NAKD:US)
Naked Brand stocks had soared by over 252 per cent in a day last month (January 27) under the influence of Reddit traders. While the stock has since fallen from the high of US$ 1.65, it managed to leap by over 30 per cent on Wednesday to close at US$ 1.34.
Naked shares scored a jump of another nearly three per cent post-market trading hours.
5. Koss Corporation (NASDAQ:KOSS, KOSS:US)
Milwaukee-based headphone manufacturer Koss Corporation saw its shares go from US$ 3.34 on January 22 to an all-time closing price high of US$ 64 on January 29, registering a 1816 per cent jump in the span of a week. Fueled by day traders, the stock even posted a record 52-week high of US$ 127.45 in January.
After returning to earth in February after its rocket-pace surge, Koss stock recorded a 55 per cent growth on Wednesday amid the new meme stock rally.
