Publish date:

GameStop Up as AMC, Other Meme Stocks Dive in Market Swoon

GameStop is one of the few meme stocks moving higher, as retail investors take a beating.

GameStop  (GME) - Get Report was one of the few so-called meme stocks that were moving higher Monday as retail investors saw their earlier gains run dry.

GameStop, one of the biggest names in retail trading, was up 1.5% to $171.60 at last check, while another meme stock favorite, AMC Entertainment Holdings  (AMC) - Get Report, was down 4.3% to $33.48.

AMC Stock: Is CEO Adam Aron Doing The Right Thing?

Bloomberg reported Monday that a group of 37 meme stocks that the company tracks had fallen as much as 4.4%, marking a sixth straight decline, after the group's worst week since late February.

Chinese gaming company The9 Limited  (NCTY) - Get Report was tumbling 12.4% to $8.58 at last check, and apparel retailer Express  (EXPR) - Get Report was off 2.4% to $4.40 

Telemedicine start-up Hims & Hers Health  (HIMS) - Get Report was one of the few bright spots in the meme stock dark sky, rising 6.3% to $9.71.

TST Recommends

Another meme stock favorite, Clover Health Investments  (CLOV) - Get Report was off 0.6% at $8.25 at last check.

JPMorgan analyst Lisa Gill recently downgraded the Medicare insurance startup and cut her price target to $9 from $15, saying Clover Health "lowered most guidance metrics, including reducing the number of aligned beneficiaries under the direct contracting program in 2021 by 50%."

Clover Health is a Medicare insurance start-up that went public via venture capitalist Chamath Palihapitiya’s SPAC.

Last week, Grapevine, Texas-based GameStop took a hit from Netflix  (NFLX) - Get Report after analysts at UBS raised their price target and Bloomberg reported the streaming entertainment giant could be moving into online video game sector.

Earlier this month, AMC scrapped plans to have shareholders approve a planned capital increase that would have diluted existing stockholders.

The Leawood, Kansas, company recently took a hit after Disney's  (DIS) - Get Report Marvel Entertainment unit released "Black Widow" and posted impressive numbers on the entertainment giant's streaming service Disney+, a sign that post-COVID-19 home film viewing will continue in a post-pandemic world.