AMC, GameStop, Virgin Galactic short-sellers down $2.7B this week


The long Memorial Day weekend can’t come soon enough for investors betting against AMC, GameStop and Virgin Galactic. 

These short-sellers, who bet a share price will fall, have lost $2.7 billion through Thursday, according to data compiled by Ortex. This comes as the Reddit trading community and groups, including WallStreetBets, talked up the names on social media this week with #AMCSqueeze #AMC #AMC500k among active Twitter hashtags, which continued into Friday. 

Yesterday alone losses topped $990 million, the second-worst day of the 2021 year after Jan. 27, when trading in these names was so heavy, firms, including Robinhood, had to restrict trading. 

ROBINHOOD IPO ON TAP

Ticker Security Last Change Change %
AMC AMC ENTERTAINMENT HOLDINGS INC 43.33 +2.49 +6.10%
GME GAMESTOP CORP. 209.20 +4.25 +2.07%
SPCE VIRGIN GALACTIC HOLDINGS INC. 24.88 -1.17 -4.49%

These so-called “meme” stocks have seen big gains this week as retail traders refocused on some of these names, particularly AMC, which has gained over 119%, while GameStop and Virgin Galactic are up over 40% apiece. That’s translated to heavy losses in each of these names. 

FOX Business’ inquires to AMC, GameStop and Virgin Galactic were not immediately returned. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

With AMC, more chatter about the re-opening of theaters is providing some optimism, along with potentially some legwork by CEO Adam Aron. 

AMC CEO USING TO TWITTER TO UNDERSTAND HIS RETAIL INVESTORS

Earlier this week, FOX Business exclusively reported that Aron is becoming more active on Twitter. Currently, he follows about 1,000 AMC retail stockholders on the social media platform and plans to follow 1,000 more over the coming weeks so that he can “better understand the phenomenon that has changed who owns AMC.” 

VIRGIN GALACTIC INVESTORS CHEER LAUNCH

As for Virgin Galactic, it successfully completed its VSS Unity SpaceShipTwo spacecraft‘s first spaceflight from New Mexico’s Spaceport America last weekend. 

CLICK HERE TO READ MORE ON FOX BUSINESS   

FOX Business’ Charlie Gasparino and Eleanor Terrett contributed to this report. 




View more information: https://www.foxbusiness.com/markets/amc-gamestop-virgin-galactic-short-sellers-down-2-7b-this-week

See more articles in category: Finance
READ:  Harley-Davidson plans for fewer models, simpler factories after coronavirus shutdown

Leave a Reply

Back to top button