Videogame retailer GameStop Corp. (NYSE:GME) has emerged as the most-discussed stock on Reddit’s r/WallStreetBets forum as of early Friday.
What Happened: GameStop is seeing the highest interest on the forum with 1,189 mentions as at press time, while exchange-traded fund SPDR S&P 500 ETF Trust (NYSE:SPY) was a distant second with 502 mentions, data from Quiver Quantitative showed.
Electric vehicle maker Tesla Inc. (NASDAQ:TSLA) and movie theatre chain AMC Entertainment Holdings Inc. (NYSE:AMC) are in the third and fourth positions, having attracted 233 and 174 mentions respectively.
See Also: AMC, GameStop Could Team Up On NFTs: What Investors Should Know About ‘Match Made In Heaven’
Why It Matters: Shares of GameStop surged more than 22% in Thursday’s extended trading session.
The company is launching a division to develop a marketplace for non fungible tokens (NFTs) and enter into partnerships with two companies in the cryptocurrency space, it was reported, citing the Wall Street Journal.
The move — which comes as GameStop tries to turn around its core videogame business and also confirmed earlier speculation — was cheered by retail investors, who are highly enthusiastic about Bitcoin (CRYPTO: BTC) and other cryptocurrencies.
AMC Entertainment, another favorite Reddit stock, entered the NFT space in 2021 with Spider-Man themed NFTs to coincide with the December release of “Spider-Man: No Way Home.”
Price Action: GameStop shares closed almost 1.3% higher in Thursday’s regular trading session at $131.03 and further gained 22.5% in the after-hours session to $160.50.
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Photo: Courtesy of EPIC via Wikimedia