Reddit Winners Struggle to Hold Onto Gains Amid Broad-Based Rout
AMC Entertainment swung between gains and losses in premarket trading.
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A move by brokerages to curb trading sent most of the hottest Reddit-fueled stocks lower Thursday after initial gains earlier in the session.
The share price of headphone-maker Koss Corp. declined 28% at the end of the regular trading day after earlier rising as much as 120%, paring this week’s gain to 1,156%. Meanwhile, swimwear manufacturer Naked Brand Group Ltd. finished the day up less than 1% after rising as much as 146% earlier in the session, bringing its weekly gain to about 214%. The week’s increases came as hedge funds scrambled to close short trades on a number of companies touted on Reddit’s WallStreetBets forum.