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GameStop Corporation (GME:US, NYSE:GME) and AMC Entertainment Holdings Inc. (AMC:US, NYSE:AMC) are two leading price gainers on the New York Stock Exchange this year. Both the meme-based stocks have rocketed to the moon, led by retail investors and Reddit community WallStreetBets, who have been fueling this rally since late 2020.
Stocks of AMC Entertainment surged almost 36 per cent on Thursday, May 27, with a one-day volume of over 705 million shares. The communication stock has swelled more than two times and 1,151 per cent year-to-date (YTD).
GameStop's stock price witnessed a single digit jump on Thursday, but it has already surpassed AMC with 1,249 per cent YTD gains. The immense enthusiasm for this stock has helped the company raise capital and transform its operations from brick-mortar outlet to e-commerce channel.
Let us check out their price performances in a bit of detail:
AMC Entertainment Holdings Inc. (AMC:US, NYSE:AMC)
The stock price has improved 373 per cent to C$ 26.52 apiece in one year. Its 30-day average volume has zoomed over 105 million shares. AMC stock is trading 300 per cent above the 200-day simple moving average, clearly denoting an unprecedented boom for the TV cable company.
It has a market cap of US$ 11.94 billion and a consolidated debt of approximately US$ 5.45 billion in its balance sheet.
The company held US$ 1 billion in cash and cash equivalent as of March 31, 2021, representing all-time high liquidity. This available cash could bolster its digital content growth. However, the stock may enter massive correction territory if retail investors pull back.
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GameStop Corporation (GME:US, NYSE:GME)
The gaming stock is the top meme-frenzied performer, with over 5,318 per cent YTD. Its current stock price is US$ 254.13 apiece. Over 15.53 million shares changed hands on Thursday compared to the 30-day average volume of 6.32 million.
It has a current market cap of nearly US$ 18 billion. This equity growth has been boosting its business transformation and attracting more support on the ground from investors like Ryan Cohen.
On May 27, GameStop confirmed speculation its new Ethereum-based Non-Fungible Token (NFT) platform and launched a website on the same. The company expects to covert most of its existing businesses into digital operations, which can support sustainable growth in the next few years.
