Cramer Says He’s ‘Not Against’ GameStop, AMC At Current Trading Levels
“I am not against [buying] GameStop or AMC at these levels. GameStop is currently below where I told you to call the registry in January, “the”Crazy money“said the host.
GameStop action rose 0.85% on Wednesday to $ 302.56, and AMC ended the session at $ 49.34, down 10.37% from Tuesday’s close.
“If you got them up from much lower levels, take a little off the table,” Cramer said. “These stories could still be sounded.”
Shares of besieged companies have risen under Reddit-fueled retail. GameStop has climbed over 1,500% so far in 2021. AMC is up over 2,200% through Wednesday.
GameStop, which reported better than expected results for its first quarter after market close, was down about 7% in extended trading. The company also announced on Wednesday that it has hired former Amazon ecommerce executive Matt Furlong as the new CEO.
“These companies now have the ability to reinvent themselves because higher stock prices have allowed them to raise capital,” Cramer said.
AMC used the momentum to issue new shares and raise capital, and GameStop said on Wednesday it would consider selling 5 million shares.