GameStop Corp (NYSE: GME) shares soared by 5.03% during intraday trading on Thursday, as the iconic meme stock rode a wave of retail investor enthusiasm that has propelled a broader surge across the market.
The rally appears to be driven by a resurgence of the "meme stock" frenzy that gripped Wall Street in 2021. According to analysts, retail traders, particularly those active on social media platforms like Reddit's WallStreetBets forum, have been fueling momentum in stocks like GameStop, AMC Entertainment, and Chewy.
Goldman Sachs technical specialist Scott Rubner emphasized the importance of monitoring Reddit activity, particularly trending names on WallStreetBets, as retail traders have been driving the "fear of missing out" (FOMO) surge. GameStop, a prominent meme stock favorite, has been a frequent topic of discussion on the forum, likely contributing to the stock's recent gains.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.