GameStop isn’t the only struggling company whose stock has surged after retail investors flooded in.
An online community of retail investors, powered by Reddit and the ease of online trading, has spent the final week of January snapping up shares of struggling companies en masse, sending prominent. The frenzy has turned struggling companies such as GameStop, Blackberry and others into what some are calling «meme stocks,» as crowdsourced investment drives their shares up sharply. Here are other companies seeing an explosive jump in their stock prices. Boosted by attention on Wallstreetbets, the Reddit group fueling the GameStop mania, the movie theater chain has seen its stock price ricochet from $5 on Monday to more than $20 and then back down to $12.30 ahead of trade on Friday. That’s not the kind action investors would normally expect from a company that has been pummeled by the. In its most recent quarter, AMC lost $906 million. The company also reported a 92% drop in U.S. attendance in the fourth quarter, compared to the year-ago period, according to an SEC filing. Earlier this week, AMC said it secured almost $1 billion in new funding through stock offerings and a new line of credit, but its future will ultimately be determined by the speed at which COVID-19 vaccinations are distributed across the country. Shares in the Canadian company, which now focuses on selling cybersecurity software, began the new year trading around $7. By Wednesday the stock had rocketed 255% to roughly $29 before falling back to $17 before U.S. markets opened on Friday. The vertical rise is in stark contrast to Blackberry’s earnings for 2020. In its most recent quarter, Blackberry reported $794 million in losses. Once a top seller of mobile phones, Blackberry last year exited the market last year after its supplier announced it would no longer make or sell Blackberry devices. Blackberry said in a statement this week that it doesn’t know what’s causing its stock to rise, adding that the company has made «no material change in its business or affairs that has not been publicly disclosed that would account for the recent increase in the market price or trading volume.» The home goods retailer saw its stock price climb from $18 a share at the beginning of January to as high as $53 a share on Wednesday.
