The performance of so called ‘meme stocks’ will be updated every week below. The latest news will also be available for your reading pleasure.
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Here’s how meme stocks performed for the week of: 2/27-3/3
#1. GameStop
GameStop Corp. (NYSE:GME) closed: up -4.79% this past trading week.
The latest press release details the retailer’s earnings for the third quarter of fiscal year 2022.
During that period, GameStop reported net sales of $1.186 billion, down from $1.297 billion a year ago.
Gross profit tallied in at $291.6 million, while selling, general and administrative expenses were $387.9 million.
That led to a net loss of $94.7 million compared to a net loss of $105.4 million the previous year.
According to an amended Schedule 13G filing, Vanguard owns a total of 24.66 million shares of GME as of Dec. 30, equivalent to an 8.1% ownership stake.
As of Q3, the firm owned 24.16 million shares, meaning it purchased about a half a million shares during Q4.
#2. AMC Entertainment
AMC Entertainment Holdings, Inc. (NYSE:AMC) closed the week: up +4.28% this past trading week.
The company stock is now making higher highs and higher lows in 2023.
In recent news, AMC and its board members, including CEO Adam Aron, are getting sued by a pension fund.
The latest lawsuit comes from the issuance of AMC’s preferred equity, APE.
The shareholder vote to either convert APE equity back into common AMC shares or go through a reverse stock split has been delayed — though Adam Aron has not made an official statement yet.
Read: AMC Failure-to-Delivers Are Skyrocketing Through the Roof
#3. APE
AMC Preferred Equity (NYSE:APE) closed this week: down -17.65%.
The equity has risen more than +90% this year after surging from $0.35 to more than $3 per share earlier this year.
44% of shareholders say they hold more APE over AMC stock.
The company is also proposing converting APE shares back into common AMC stock through a shareholder vote.
If approved, AMC’s share price will rise and the equity will be delisted.
APE has been able to provide the company with hundreds of millions of dollars in liquidity to pay down debt.
Will APE squeeze prior to the merge (if approved)?
Leave your thoughts below.
Related: AMC CFO Sean Goodman Cashes in $230K of APE
#4. Bed Bath & Beyond
Shares of Bed Bath & Beyond (NASDAQ:BBBY) were: down -5.04% in the past trading week.
On social media, shareholders of the so called ‘meme stock’ continue to buy the stock despite talks of bankruptcy.
The company edged closer to a bankruptcy filing in late January after the retailer said it had received a default notice from JPMorgan Chase & Co., its loan agent, and warned it didn’t have enough funds to make payments.
Creditors are demanding immediate repayment of the company’s debt after it breached the terms of a credit line, according to a regulatory filing Thursday, per Bloomberg.
“Generally, in situations like this where a company defaults on their loan agreement our experience is, if they don’t come to an agreement with their lenders, the likelihood of a bankruptcy filing within the next 30 days is relatively high,” said Dennis Cantalupo, chief executive officer of Pulse Ratings, a credit-rating and consulting firm.
BBBY stock is up +1.73% this year-to-date.
#5. Hycroft Mining Holding Corporation
Shares of Hycroft Mining (NASDAQ:HYMC): rose +0.86% in the past week.
The mining company’s stock is down more than -28% this year-to-date.
In December, the company’s share price jumped 25% after announcements it had discovered more silver and gold deposits than anticipated.
Shares rose to $0.57 from a previous low of $0.44.
AMC CEO Adam Aron made the exciting announcement on Twitter stating, “so far ALL 20 of the newly drilled bores contained gold/silver, and 14 of the 20 showed higher grades than previously known to Hycroft.
AMC acquired a 22% stake in the silver and gold mining company in 2022 when they received 23.4 million warrants in Hycroft at $1.07 per share.
The stock at the time surged to $1.70 after trading at $0.60 earlier that same year.
More updates coming soon
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Heavy buy IMO