- NYSE:AMC dropped by 6.02% as meme stocks sold off to start the week.
- Meme investors have found a couple new names to back, as the SEC continues to watch over GameStop and AMC.
- Meme stock related ETFs have hit the market and could be affecting the retail short squeeze.
NYSE:AMC could be showing some cracks in the foundation, as diamond hands may be moving over to other meme stocks to squeeze. On Monday, AMC tumbled by 6.02% to close the trading day at $55.69. GameStop (NYSE:GME) also fell by 6.33% on Monday, as the two original meme stocks took a beating to start the week. GameStop has actually fallen from a recent high price of $302.56 per share on June 9th, the day of its annual shareholder meeting, to Monday’s closing price of $200.37 over a span of just eight trading days.
Stay up to speed with hot stocks’ news!
As AMC and GameStop fall out of favor for meme investors, a couple of new names have turned up instead. Wish (NASDAQ:WISH) gained another 18.42% on Monday, while recent meme addition, Torchlight Energy Resources (NASDAQ:TRCH) surged by 58.21%. Torchlight does have a couple of catalysts working for including a special dividend to be paid out to shareholders, as well as an impending merger with a Canadian company called Metamaterials.
Investment management companies have also been taking advantage of the meme stock craze by offering meme stock ETFs to investors who do not want to get directly involved. Given the higher trading volume that comes with being included into ETFs, as well as the funds constantly rebalancing shares, this could be one reason why there has been added volatility for AMC and GameStop over the past few weeks.
