Barstool Sports founder and stock trader Dave Portnoy is back on meme stocks again with an investment in GameStop Corporation (NYSE:GME) and AMC Entertainment Holdings (NYSE:AMC) as shares rally and see increased interest.
What Happened: Similar to a rally in the price of GameStop and AMC as high short interest stocks in 2021, the stocks have returned with a vengeance in May 2024 and Portnoy is ready.
Portnoy shared in a series of videos his return to meme stocks and his commentary on the return of Roaring Kitty, aka Keith Gill, to social media.
"I can't miss it," Portnoy said of the return of meme stocks. "I got to be involved."
Portnoy shared that he bought $250,000 each in GameStop and AMC on Monday.
"I wish I bought more."
Portnoy shared that in pre-market trading Tuesday he was up close to $700,000 with AMC and GameStop each up over 100% from their Monday closing price.
"This thing is going to the moon."
In a video, Portnoy said his buy-in price was $5.20 per share for AMC and $30.40 for GameStop.
"Let's squeeze this s*** to the moon."
Why It's Important: Portnoy was one of the key figures in the rally of meme stocks in 2021 as his "Davey Day Trading" stock trading program highlighted stocks with high short interest and that were mooning.
On Tuesday, Portnoy cautioned that he had out points and told viewers not to diamond hand the stocks and hold forever, a valuable lesson he may have learned from the previous meme stock rally.
"At some point you need to realize some gains," Portnoy said.
Portnoy said he was hoping to make a million dollars on his trade and would consider selling the stock and buying back in several times.
In 2021, Portnoy lost money on his meme stock trades and placed a portion of the blame on Robinhood CEO Vlad Tenev for the stock brokerage halting shares and not allowing people to sell during certain times.
"I have officially sold all my meme stocks. I lost 700k ish. Vlad and company stole it from me and should be in jail," Portnoy tweeted on Feb. 2, 2021.
Portnoy criticized the trading halts of GameStop and AMC that occurred on Tuesday during his livestream.
The Barstool Sports founder joined Benzinga's "Power Hour" back in 2021 to discuss investors not being able to buy and sell stocks after the huge increase in the value of GameStop stock.
"People need to go to jail," Portnoy said at the time. "Robinhood needs to know this is the end of their company."
GME, AMC Price Action: GameStop shares are up 52% to $46.15 on Tuesday, setting new 52-week highs of $64.82 earlier in the trading session.
AMC shares are up 47% to $7.62 on Tuesday and hit a high of $11.88 during the day's trading session.