Shares of meme-stock veteran AMC Entertainment (AMC) and business software provider Verb Technology (VERB) rose on Thursday, while GameStop (GME) declined.
AMC, Leawood, Kan., the country’s largest owner of movie theaters and perhaps the second-most-popular meme stock, at last check traded at $34.80, up 4.1%.
The granddaddy of meme stocks, the Grapevine, Texas, videogame retailer GameStop, recently traded at $166.96, off 0.4%.
And Verb Technology, American Fork, Utah, recently traded at $2.99, up 20%. It has jumped 32% in the six months through Wednesday.
Mediaco Holding MDIA, the Indianapolis radio station owner, traded at $7.29, down 9.3%.
James “Rev Shark” DePorre says in Real Moneythat the meme trading movement is hardly new and not nearly as efficient as the media have led average investors to believe.
"Learn how to pick your own stocks,” he says. “Social media trading is surprisingly uncreative in finding new stock ideas."
Further, "The business media likes to portray meme trading as something new, but this sort of trading has been part of markets from their very beginning hundreds of years ago,” DePorre says.
“There will also be groups that question the conventional wisdom of the professionals that control the market. It is no surprise at all that there are small traders with limited capital who have no interest in the idea that they should hold a diversified portfolio of stocks for the long term."
TheStreet.com Founder Jim Cramer also expressed caution this week. Meme stocks “away from AMC and GameStop appear to be crooked,” he said. They seem to be pump and dumps.”
Comments