AUS
NZ
UK
CA
USA
IND
.jpg)
_10_04_2024_16_38_50_427275.jpg)
Stocks of BlackBerry Limited (TSX:BB, NYSE:BB) and AMC Entertainment Holdings Inc (NYSE:AMC, AMC:US) took off in the premarket trading hours on Thursday, June 3. This is likely the extension of a meme rally driven by small-time investors on social media platforms.
Before the markets opened on Thursday, AMC stocks were up by nearly 14 per cent, while the US-listed stocks of BlackBerry climbed about 18 per cent (7:30AM EST).
Both these stocks have been soaring over the past few weeks and the latest leg of the rally is likely to have been powered by Reddit-based retail investors on the forum, 'WallStreetBets'. In the past one week, the stock prices of ‘meme stocks’ AMC and BlackBerry have skyrocketed by 220 per cent and 61.5 per cent, respectively.
Earlier in January, Reddit investors caused a 1,600 per cent stock price surge for video game retailer GameStop Corp (NYSE:GME, GME:US).
AMC Entertainment (NYSE:AMC, AMC:US) Stock Performance
Stocks of the movie theatre chain soared by 95 per cent on Wednesday. The spike came as the company made the announcement to give goodies to retail investors under the AMC Investor Connect program.
1-year chart of stock performance, volume and moving average exponential of AMC Entertainment (Source: EODHD/Others)
Despite the company’s financial woes, AMC stocks rallied by 1019 per cent in the past year and by 2850 per cent year-to-date (YTD). As per TMX data, the market cap of the company now sits at C$ 31.3 billion and its return on equity is 172.7 per cent.
In Q1 2021, the company's revenues were down by 84.2 per cent year-over-year (YoY) to US$ 148.3 million. It also posted a net loss of US$ 567.2 million in the same quarter.
BlackBerry (TSX:BB, NYSE:BB) Stock Performance
While most of you will remember BlackBerry for its smartphones, the company stopped manufacturing them a long time ago. It now focuses on providing software solutions for the cybersecurity and automobile industry.
1-year chart of stock performance, volume and moving average exponential of BlackBerry (Source: EODHD/Others)
BB stock rallied by 130 per cent this year. Its quarter-to-date (QTD) growth is about 81 per cent. After surging 32 per cent on Wednesday, the stock closed at US$ 15.25 apiece. Its scored a 52-week high of US$ 28.77 on January 27, 2021.
BlackBerry’s cash and cash equivalents amounted to US$ 214 million in fiscal year 2021, while the value of its total assets stood at US$ 1,006 million.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from EODHD/Others.
