GameStop (GME) shares hit 3-month high as AMC short squeeze intensifies

If you thought GameStop's (GME) stock was over and done with, think again.

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As the saying goes, “a high tide raises all ships.” Over the last couple of days, AMC’s stock has been on a consistent rise, hitting values that it hasn’t seen in many months. Today, AMC skyrocketed to an all-time high of $61.90. The hype surrounding the ongoing short squeeze of AMC also served as a shot of life to GameStop (GME), as the gaming retailer’s stock hit its 3-month high today.

It was on June 2 that AMC’s stock value shot up to a high of $61.90. A lot of that momentum was felt by the folks at GameStop, as GME also received a nice jump, which saw it hit a value of $294 a share. This marks the stock’s highest value within a 3-month period. A lot of the focus has shifted to AMC, but GameStop (GME) is unquestionably still a stock worth paying attention to.

A look at GameStop (GME) on June 2, 2021.

When the GameStop (GME) short squeeze went down in the earlier months of this year, many wrote it off as a fluke that wouldn’t last very long. Now at the midway point of 2021, GameStop (GME) is still hitting some impressive numbers. Very similar to GameStop, AMC’s stock was in a pretty rocky place last year. A complete closure of business during the pandemic caused AMC to plummet, with many questioning if the movie theater chain would ever open its doors again.

There are likely several factors at play here. One, AMC is back open, and is enjoying the business of films like A Quiet Place Part 2 and Cruella. With both companies being the subject of short squeezes, it’s no shocker that GameStop (GME) is benefiting off of AMC’s momentum. Speaking of GameStop, it was yesterday that Keith “TheRoaringKitty” Gill broke his Twitter silence after not posting since April of this year.

Contributing Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Star Wars nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_

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