Tuesday, May 21, 2024

Filing Reveals Renaissance Technologies’ Acquisition of GameStop and AMC Shares

Hedge fund Renaissance Technologies boosts positions in GameStop and AMC to capitalize on meme stock mania

Hedge fund Renaissance Technologies Makes Bold Moves in GameStop and AMC, Riding Meme Stock Mania

In a strategic move that aligns with the current meme stock mania sweeping through the U.S. equity market, hedge fund Renaissance Technologies has made significant investments in GameStop and AMC Entertainment during the first quarter of this year.

According to a recent securities filing released on May 13, Renaissance Technologies added over one million shares of GameStop, amounting to approximately $12.6 million in value by the end of March. This move positions the hedge fund to potentially benefit from the surge in GameStop’s stock, which has seen a more than 93% increase this week alone and over 300% growth in the last 10 trading days.

Not stopping at GameStop, Renaissance Technologies also boosted its position in cinema chain AMC Entertainment by 78% during the first quarter, bringing its total shares in the company to around 8.7 million. This move comes as other meme stocks, such as Koss and Tupperware, have also experienced a rise in their stock prices.

The recent resurgence in meme stocks can be attributed in part to messages posted on social media by individuals like Keith Gill, who played a central role in the meme stock frenzy of 2021. While these investments may prove lucrative for Renaissance Technologies, it is worth noting that the disclosed positions are from the end of March and may not reflect the hedge fund’s current holdings.

As the market continues to fluctuate and meme stocks gain momentum, Renaissance Technologies’ bold investments in GameStop and AMC signal a calculated bet on the volatile yet potentially rewarding nature of meme stock trading.

Please note that James Simon, the founder of Renaissance Technologies, passed away last week at the age of 86.

Stay tuned for updates on how these investments play out in the ever-changing landscape of meme stock trading.

(Reporting by Carolina Mandl and David Randall, in New York; Editing by Rod Nickel)

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