Investors are estimated to have lost $930 million on their short positions in meme stocks GameStop and AMC Entertainment over the last five trading days, data from financial analytics firm Ortex showed on Tuesday.
Shares in GameStop, which was at the heart of the so-called “stonks” retail trading mania earlier this year, have risen by a third in the last one week, while shares in cinema operator AMC are up 39%.
Ortex said short interest in AMC is currently estimated to be 18.3% of freefloat and in GME it is estimated at 21.8% of freefloat.
Yesterday alone, short-sellers lost over $200 million each in both of those stocks, Ortex data shows.
GameStop closed 13% higher at $180.6, the highest level since April 30.