Today, meme actions are making headlines again after GameStop (NYSE:EMG) Chairman Ryan Cohen bought 100,000 shares of GME. Now, a number of names that surged during last year’s meme wave are also in the green today.
What is happening in the markets?
Well, the buying of Ryan Cohen has apparently added bullish momentum to the once trampled GME stock. After this week’s purchase, the executive now owns nearly 12% of the video game retailer. Cohen tweeted the news Tuesday night, simply stating, “I put my money where my mouth is.”
Today, GME stock is trending up more than 15% on a very strong week for the company. GameStop is up over 50% so far this week, jumping around 30% on Tuesday alone. That makes this week its biggest jump since March 2021.
If you remember, Cohen – the founder of Soft (NYSE:CHWY) – joined GameStop’s board of directors last year with a mission to revitalize the declining retailer. GameStop has seen revenue slow as gamers turn to downloading games instead of buying physical discs, which the company specializes in. Now, working to recover, GME has been less than transparent about ongoing projects. Many investors are interested in a potential non-fungible token (NFT) market operated by GameStop. Rumors about the project have been circulating for the past few months.
Today, however, GameStop isn’t the only meme store in the green.
GameStop Bull Run Meme Stock Rise
It appears that buying Cohen this week ushered in a widespread jump for a number of meme stocks. GameStop, CMA (NYSE:CMA), Koss (NASDAQ:KOSS) and Sundial producers (NASDAQ:SNDL) are all in the green today. These are some of the biggest names caught up in last year’s meme stock boom.
As GME shares dominate the day, investors in AMC and Sundial should also be pleased with recent gains. Today, AMC and SNDL shares are up 14% and 5% respectively, likely on hopes that this month will bring another push. KOSS stock also rose more than 6%.
Indeed, companies like GameStop saw huge increases this time last year. Individual investors on Reddit r/WallStreetBets subreddit collaborated to raise a number of names they considered undervalued, solidifying the “meme stock craze.” While GME’s jump this week is a far cry from last year’s highs, investors are still hoping for another comeback.
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As of the date of publication, Shrey Dua does not hold (either directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.