The GameStop short squeeze continues.
This morning, GME is up another 100% to $310 a share on explosive volume. It’s now a $20.22 billion company In just days. Melvin Capital and Citron Research just closed out their short positions on the stock, fueling even more upside.
At this point, the rally has reached a new level of insanity. According to Michael Burry, as quoted by Bloomberg, ““If I put $GME on your radar, and you did well, I’m genuinely happy for you. However, what is going on now – there should be legal and regulatory repercussions. This is unnatural, insane, and dangerous.”
However, it would appear GME isn’t the only stock seeing the Reddit treatment.
Koss Corporation (KOSS) exploded from a low of $2.89 to $19.04.
All on speculation it could see the same Reddit-induced short-covering rally that GameStop has seen. On Tuesday, volume was up to 34.5 million shares, as compared to daily average volume of 1.01 million. On Wednesday morning, volume is already up to 4.7 million shares.
Express Inc. (EXPR) may be getting the same Reddit-style treatment, too.
Helping to fuel upside here, a tweet surfaced that, “Express has been the subject of Reddit boards where users speculated whether it could be the next GameStop,” notes Business of Fashion. On Tuesday, EXPR volume was up to 58.8 million, as compared to daily average volume of 14.15 million shares. Volume is already up to 63.5 million on Wednesday morning.
Even AMC Entertainment is rocketing.
AMC is up 189%, or $9.38 on volume of 374 million, as compared to daily average volume of 54.2 million. That’s even with the movie chain still struggling with the pandemic.