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Michael M. Santiago/Getty Images News
The story around the GameStop Corp. (NYSE:GME) meme stock frenzy of early 2021 is the subject of a movie debuting next weekend across the U.S. Director Craig Gillespie’s Dumb Money is based on Ben Mezrich’s best-selling book on the meme traders involved with the GameStop (GME) stock explosion that caught some hedge funds off-guard and fed short squeezes on other stocks such as AMC Entertainment (AMC), Blackberry (BB), and Bed Bath & Beyond (OSTK). Early reviews of the Sony Pictures (SONY) movie have been largely positive, and the well-known cast includes Pete Davidson, Vincent D’Onofrio, America Ferrera, Nick Offerman, Anthony Ramos, Sebastian Stan, Shailene Woodley, and Seth Rogen. The movie is being given a good chance to do well at the box office during its opening weekend, and potentially show legs for a few weeks. The Guardian said the GameStop (GME) drama makes for a good financial romp and Screen Rant said it was an exhilarating ride down memory lane.
Rolling Stone’s review: “Gillespie and his movie-star cast aren’t trying to short squeeze the topic for statuettes. They’re just laying out what happened, why it happened, and why it mattered in the most audience-friendly manner imaginable, then take the whole thing to the moon.”
Will the retelling of the GameStop (GME) meme craze have any bearing on the current stock landscape? The economic backdrop and stimulus-fueled investor sentiment is nothing like it was in early 2021. However, in terms of Reddit, the usual suspects such as Nvidia (NVDA), Apple (AAPL), and Advanced Micro Devices (AMD) are attracting the most attention on subreddits. Other stocks in the Reddit mix include EBET (EBET), Axcella Health (AXLA), Canopy Growth (CGC), and Novo Integrated Sciences (NVOS). Meanwhile, stocks with a very high level of short interest include Novavax (NVAX), Fisker (FSR), Carvana (CVNA), Beyond Meat (BYND), and C3.ai (AI).
As for the mother ship of all meme stocks, GameStop (GME) is still much higher than where it stood before the meme explosion in 2021, even on a split-adjusted basis. However, late buyers of GME missed out and the retail stock is down about 40% over the last 52 weeks.
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