Are meme stocks dead? On Thursday, AMC said "not yet"
It was just the other day, Monday I think, that I was listening to an interview on Bloomberg Radio. I don't recall who was speaking, but the question was posed: "are meme stocks dead?" The interviewee said something to the effect of "meme stocks were a fad of the past two years and if you look at the once high flying names like GME and AMC, they are all down significantly from their highs." That's not an exact quote, but that was the gist of it.
Not so fast. AMC soared up as much as 22% yesterday, even being halted up at one point.
So what's going on? An uptick in trading volume, for one. Yesterday saw 96.71 million shares traded, up a whopping 368% over the 65 day average of 26.31 million.
CEO Adam Aron recently acknowledged on Twitter that the newly listed AMC merchandise came at the idea of shareholders. This may have ignited renewed interest from the apes, or maybe it's just a bear market rally. Trending nonetheless.
As of this writing, shares of AMC are up 3.18% in premarket trading on volume of 318k.
So is the meme stock dead? I would say this: in the 2021 sense of the phrase, yes. The irrational exuberance that sent Gamestop and AMC stocks to ridiculous levels probably won't return any time soon. There just doesn't seem to be enough interest or action in the calls for another massive short squeeze. For short-term traders looking to make a quick buck, AMC seems have some juice to it for now. But the stock is still down a lot over the past year.
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