(Benzinga) – The shares of GameStop Corp. GME and AMC Entertainment Holdings Ltd AMC are skyrocketing in the pre-market session on Wednesday as they continue to see high interest in the r/WallStreetBets community on Reddit.
What Happened: GameStop shares traded 68.27% higher at $249, while AMC shares traded 172.18% higher at $13.50 at press time.
The GME thread for January 27 on r/WallStreetBets has over 21,000 comments at press time, with users calling to “buy the dip” in the pre-market session and a top comment asking users not to “panic sell.”
“You have got to trust that it will go up at the end of the day, as it has been every day the past two or three weeks,” speednub1 said on the r/WallStreetBets board.
Why It Matters: Scion Capital’s Michael Burry, who is known to have held 17 million shares in GameStop, at least as of September, said in a tweet late Tuesday that the rally is “unnatural, insane, and dangerous” and “there should be legal and regulatory repercussions.”
Massachusetts securities regulator also dubbed options trading on the GME stock to be “systemically wrong.”