GameStop, AMC shares slide for 2nd straight day as meme-stock rally fizzles

Retail investor darlings GameStop and AMC continued their slide for a second straight session on Thursday, as the excitement over the social media return of “Roaring Kitty,” who was the central figure in the 2021 meme stock rally, fizzled out.

Shares of the videogame retailer GameStop fell 17% to $32.60 after jumping as much as $64.83 this week. Theater chain AMC shed 11% following an 88% surge since Friday’s close.

Despite the losses on Wednesday, the two companies were among the top three most-traded shares by retail investors during the session, data from JPMorgan showed.

Both the shares were to set to shed half of their gains made in the first two sessions of the week following a series of posts from Keith Gill’s X account “Roaring Kitty,” whose bullish calls on GameStop was a reason for the 2021 meme stocks frenzy.

But unlike 2021, when Reddit users banded together to target highly shorted stocks that burnt bearish hedge funds, this time institutional investors too were part of the meme stock mania, Vanda Research, which tracks retail investor flows, said.