A familiar retail-investing trade came roaring back Thursday, as shares of GameStop Corp. and other meme stocks skyrocketed, prompting trading of the video-game retailer to be halted four times.
Shares of GameStop soared as much as 33% to $108.06, after closing Wednesday at $81.33. The volatility prompted the New York Stock Exchange to briefly halt trading four times in a span of less than 30 minutes.
AMC jumped as much as 32% to $13.71. Both stocks trimmed their gains slightly in more recent trading.
The volatile session was reminiscent of 2021, when individual investors piled into shares of both companies, sending the stocks soaring to eye-popping heights. This year, however, meme stocks have been beaten down as investors have pulled back from more speculative areas of the market. GameStop has fallen about 37% this year, while AMC has slipped 56%, outpacing the S&P 500’s 17% loss.
Other beaten-down technology names also soared Thursday. Roblox Corp. rallied 20% and Coinbase Global Inc. gained 6.8%. Bed Bath & Beyond Inc., another favorite meme stock among retail traders, climbed 7.1%.