GameStop ($GME) and AMC’s recent market frenzy sees over 1.5 billion shares of $GME on loan, indicating massive speculative activity. AMC sells $250 million of stock amid the hype, prompting accusations of desperation. Critics decry the manipulation by large institutions like Blackrock, Vanguard, and State Street. Despite GameStop’s staggering P/E ratio of 1,210x, the stock surges nearly 400% this month, with trading volumes soaring. The chaotic nature of meme stocks highlights the unpredictable and speculative nature of today’s market.
- Over 1.5 billion shares of GameStop ($GME) are on loan, indicating significant speculative activity.
- AMC sells $250 million of stock amid the hype, prompting criticism and accusations of desperation.
- Large institutions like Blackrock, Vanguard, and State Street are accused of benefiting most from the meme stock frenzy.
- GameStop’s staggering P/E ratio of 1,210x raises eyebrows, but the stock surges nearly 400% this month, with trading volumes soaring.
- The chaotic nature of meme stocks underscores the unpredictability and speculative nature of today’s market.
BREAKING NEWS: According to The Options Clearing Corporation, @OptionsClearing, over 1.5 billion shares of GameStop $GME are now on loan. Roughly 5x the float of the stock. pic.twitter.com/AfI9Fw2UnB
— Kevin Malone (@Malone_Wealth) May 15, 2024
Overnight we got news that AMC already sold $250 million of stock into this latest meme stock pump and dump at an average price of $3.50/share:t.co/7483dcrps0
An act of total desperation.
When this final pump and dump cycle ends, the SEC will have ZERO credibility.… pic.twitter.com/p1nHl0uKEe
— Mac10 (@SuburbanDrone) May 14, 2024
Always follow the money. Who is benefiting the most from the Gamestop $GME pump & dump fugazi? You guessed it. The big three – Blackrock, Vanguard, and State Street oligopoly.
*So much for retail meme traders beating Wall Street. pic.twitter.com/fZ6zRsxHg9
— Minsky Moment (@BP_Rising) May 15, 2024
Fun fact: The big players can only manipulate meme stocks downward during regular trading hours.
Once we cross into after-hours trading they can't do trading halts, so they lose control 😉 t.co/Vo9GVayPxE
— Financelot (@FinanceLancelot) May 14, 2024
This is absolutely wild:
The P/E ratio of Gamestop, $GME, has spiked to a WHOPPING 1,210x.
In other words, it costs $1,210 to purchase just $1 of earnings generated by $GME.
By comparison, the P/E ratio of Nvidia, $NVDA, is 34x.
Meanwhile, $GME is up nearly 400% this month… pic.twitter.com/jlR66eTz13
— The Kobeissi Letter (@KobeissiLetter) May 14, 2024
Renaissance Technologies, founded by the legendary mathematician Jim Simons, has filed a holdings update.
They opened a new $12.5M position in GameStop, $GME, last quarter.
Full data on the fund's portfolio is up on the Quiver Quant site. pic.twitter.com/MKGkI1iqI5
— Quiver Quantitative (@QuiverQuant) May 14, 2024