Meme Stocks: Where Are They Now?

Meme stocks: where are they now? Remember when that happened? It seems like an eternity ago but May of 2022 actually marks one year from the last major squeeze. The initial squeeze in January of 2021 likely changed the stock market forever. While millions of Apes await another squeeze, it becomes likelier with each passing day that the squeezes of AMC (NYSE: AMC) and GameStop (NYSE: GME) were true black swan events

Remember the Meme Stocks?

Meme Stocks Where Are They Now

Now, one year later, it’s time to take a look at where these stocks are now. Take a stroll through Reddit or Twitter and you can see that the popularity of these meme stocks is as strong as ever.

This is especially true if you use a social media sentiment app like Chatterquant. This is a platform that scans social media sites and pulls the most mentioned stock tickers. Not surprisingly, AMC and GME are always on the list and quite often are still near the top. 

It’s unlikely any of us will forget the Reddit short squeezes of 2021. These events further cemented the divide between Wall Street and retail traders. To this day there is a serious distrust of institutional investors, the SEC, and the US government.

It’s not uncommon to see meme stock traders claiming that the entire stock market is a conspiracy. No matter what side of the argument you’re on, the meme stock squeeze will always be a memorable part of our investing lives. 

What’s GameStop Doing These Days?

Meme Stocks Where Are They Now

GameStop was the undeniable leader of the meme stock revolution. Investors like Michael Burry were investing in the company from as early as 2019.

He deemed that the stock was undervalued, but failed to hold the position through January of 2021.

The stock really picked up steam amongst retail traders when Keith Gill, otherwise known as Roaring Kitty, started to spread the word on Reddit

So when GameStop’s stock squeezed to an all-time high intraday price of $483.00 per share, we all knew that the stock market would never be the same again. 

Since then, things haven’t been as rosy for GameStop investors. At the time of this writing the stock is trading at just below $100 in May of 2022. Yeah, that’s an 80% loss from the all-time high prices. It seems like having diamond hands might not have been the best strategy after all.

In terms of the business, GameStop is still working through its ongoing digital transformation. Chairman of the Board Ryan Cohen has preached patience from the shareholders.

GameStop is working towards being an eCommerce platform for the videogame industry and is even introducing an NFT marketplace in a partnership with the Blockchain company, Immutable X. 

Can GameStop Squeeze Again?

It depends who you ask! Meme stock traders are still convinced that the MOASS or Mother of All Short Squeezes is still coming. Others have moved on to different meme stocks in hopes of initiating a new squeeze.

According to Yahoo Finance, GameStop has a 20% short interest right now. While this is much lower than when the short interest was at more than 100% in January of 2021, it is still in the range of triggering a squeeze.

The one thing that GameStop has going for it is the retail trader support. If the stock were to ever begin squeezing again, the retail army would jump in and add fuel to the fire.

There are no other stocks except for maybe AMC or Tesla that have the same popularity as GameStop. This is and will always be the one advantage GameStop has over the rest of the market.

What is AMC Doing These Days?

Meme Stocks Where Are They Now

Of the two stocks, AMC has clearly fallen the most since its last squeeze. May marks the one year anniversary of the AMC squeeze that saw the stock surge to an all-time high price of $72.62.

Since then, shares have erased any gains made during that squeeze. Currently, the stock is trading for just over $13.00 per share.

AMC has been busy over the past year.  The company surprised many by investing in Hycroft Mining (NASDAQ: HYMC), a Nevada-based gold miner.

Hycroft was nearing bankruptcy and AMC used some of the capital it raised from its Ape Army to help bail out the mining company.

Thus far, it hasn’t been a very lucrative investment but it’s still early. 

The company reported its best first quarter in over two years, but the stock still hasn’t been able to rise. A slew of blockbusters that were delayed due to COVID-19 have hit theaters in 2022. Even with the increased traffic to theaters and reopening of the economy, AMC still isn’t turning a profit. 

Can AMC Squeeze Again?

According to Yahoo Finance, AMC also has a short float percentage of 19.5%. The same thing applies to AMC as it does to GameStop. The AMC Ape Army is probably the strongest group of retail traders there are.

We’ve even seen some recent activity for AMC as the stock gained 45% in a single session earlier this year. Another short squeeze is not out of the question for AMC, but if it doesn’t happen soon, the stock could see even more downside. 

Where Do Meme Stocks Go From Here?


It’s a great question for investors. For the most part, the market has moved on from the short squeezes in 2021.

Hedge funds and other investors have resumed holding short positions against meme stocks, and to be fair, if they shorted from the top they have made back a ton of profits.

Other meme stocks have been brought into the fold but none have had the staying power of AMC or GameStop. 

Perhaps the most significant thing to take away from the short squeeze is the way retail traders look at the market. There is a large group of the younger generation that looks at the short percentage of a stock before any other fundamentals or even the underlying business.

Social media platforms like Twitter and Reddit are also the home base for these retail traders. Never in history has there been such a coordinated effort by retail traders to initiate a short squeeze.

Can these stocks squeeze again? Like I said, anything is possible. Given the current environment, there are certainly a large number of retail traders who were completely liquidated. Interest in the stock market is waning and without retail trader strength, another squeeze seems doubtful, at least in the near future. 

The Reddit Short Squeeze: One Year Later

Ever since the COVID-19 pandemic, there hasn’t been a dull moment on the stock market. From the market crash to a historic bull run to the current massive correction.

It feels like a lifetime of volatility has happened in the last two years. A year after the meme stock short squeezes and retail traders are still seeking out the MOASS. Even though groups like r/WallStreetBets are still active, the market seems like a different world.

This market has changed so much. Rising inflation, higher interest rates, and a correction that has slashed price multiples to pre-COVID levels. It seems like a short squeeze is the last thing that could happen right now.

With so much downward selling pressure, those COVID-high prices seem like a distant memory now. Both AMC and GameStop continue to fall back to Earth, and no matter how much the companies transform the business, there is no denying that the stocks are still over valued. 

Conclusion With Meme Stocks: Where Are They Now?

As much as the culture of diamond hands is still strong amongst retail traders, there must be some who regret not selling at the top. Holding these stocks through volatility defies human nature. AMC is now trading as if the short squeezes never even happened. GameStop is still trading at an overvalued price but has fallen by nearly 80%. 

Earlier this month, Melvin Capital announced it will be liquidating its fund and shutting down operations. Many will remember Melvin Capital as the hedge fund that took massive losses from shorting meme stocks. Melvin’s demise is a direct result of the short squeezes in 2021. Chalk one up for the Apes.

Ultimately, what we will take away from the meme stock phenomenon is that retail traders cannot be pushed around. The internet and social media have created a way for the little guys to take on Wall Street. Even though the stocks have fallen, let’s be honest, hedge funds were punched in the mouth and they were not expecting it. 

None of us will ever forget those weeks in 2021 when the retail traders ruled Wall Street.  Perhaps one day we’ll realize how incredible this movement truly was. Until then, keep your diamond hands strong because you never know when we’ll get squeezed to the moon! 

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