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Summary
- GameStop’s recent surge has been attributed to the short squeeze caused by an ongoing chatroom war between short seller and bullish traders on Reddit.
- GameStop is not the only stock to have enjoyed the attention of online chatroom-based traders.
- After short-sellers reportedly took a bearish stance for Canadian enterprise BlackBerry Limited recently, individual traders brought their online support for the cybersecurity stock.
GameStop’s (NYSE:GME, GME:US) stock price surge has been the talk of the town over the past week. After soaring by almost 93 per cent on Tuesday, January 26, the video retailer’s stocks closed at a price of US$ 147.98.
GameStop’s frenzied upswing has been attributed to the short squeeze caused by an ongoing chatroom war between short seller and bullish traders on community and new aggregation platform Reddit. But GameStop is not the only stock to have enjoyed the attention of online chatroom-based traders.
Caught indoors amid the coronavirus pandemic, online chat forums on social media platforms like Reddit have become the hotspot for ordinary investors to meet and exchange ideas on stock trading.
Often sharing posts about their wagers with the tag "YOLO" (an abbreviation of ‘You only live once’), here are some Reddit favorites other than GameStop Corporation that saw their stock prices rise recently.
BlackBerry Limited (TSX:BB)
Current Stock Price: C$ 23.78
After short-sellers reportedly took a bearish stance for Canadian enterprise BlackBerry Limited recently, individual traders brought their online support for the cybersecurity stock. BlackBerry shares now record a growth of nearly 152 per cent in the last two weeks (January 13 to 26) and that of almost 182 per cent year-to-date.
The Waterloo-based company issued a statement on Monday to clarify that it is “not aware” of any undisclosed corporate or business-related development that could’ve led to the recent surge in its stock price or trading volume.
©Kalkine Group 2020
AMC Entertainment Holdings Inc (NYSE:AMC, AMC:US)
Current Stock Price: US$ 4.96
Struck by the pandemic like most businesses in the entertainment industry, AMC Entertainment Holdings raised about US$ 917 million in a financing deal recently. The movie theatre chain reported on Monday that that the latest round of funds will help keep its business running "deep into 2021".
Since the company made the announcement on Monday, AMC stocks have surged by over 43 per cent in the last two days.
However, many media reports noted that individual traders on online trading forums have also led to a short squeeze that has likely contributed to AMC stock’s steep rise.
NIO Inc (NYSE:NIO, NIO:US)
Current Stock Price: US$ 60.31
Chinese electric vehicle (EV) maker NIO Inc saw its American Depository Receipts (ADRs) shares surge by over 1194 per cent in the last one year, reportedly triggered by continuous interest from traders on Reddit and other such platforms.
NIO Inc is currently one of the top EV manufacturers in the world, with its stocks having jumped nearly 132 per cent in the three months and about 410 per cent in the last six months.
Despite the cloud of uncertainty on some Chinese stocks, NIO stocks are closely watched in communities’ platforms.
