(Reuters) – Shares of GameStop jumped before the bell on Wednesday, setting the videogame retailer on track for its longest streak of daily gains in six months and extending a rally that has already doubled the company‘s market value.
Other “meme stocks” also rose on Wednesday, with headphones maker Koss Corp and cinema giant AMC Entertainment jumping more than 5% in premarket trading.
GameStop was trading 14.1% higher at $281.71, on course for a sixth straight session of gains.
The company’s Germany-listed shares jumped nearly 19% to 235 euros a share. Data from brokerage Lang & Schwarz showed the scrip to be among the top three traded shares on its platform.
GameStop is the flag-bearer of the so-called “stonks” – a term used to describe stocks with convoluted prospects that are popular with retail traders on online forums. The videogame retailer’s stock has seen its fortunes fluctuate since a social media frenzy in January drove a 1600% surge.
Meme stocks like GameStop could continue their recent rally, as individual investors active on online social media forums pour portions of their stimulus checks into the stock market.
(Reporting by Aaron Saldanha in Bengaluru; Editing by Anirban Sen and Devika Syamnath)
