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    Home » Crypto News » More From Wall Street Bets: American Airlines (AAL) Stock Price Skyrockets 85% Pre-Market

    More From Wall Street Bets: American Airlines (AAL) Stock Price Skyrockets 85% Pre-Market

    Author: George Georgiev

    Last Updated Jan 28, 2021 @ 13:38

    American Airlines (AAL) stock mentions appeared on Reddit’s Wall Street Bets group. The stock shot up 85% in pre-market hours.

    To say that we’re witnessing something exciting would be a massive understatement. The users behind the Wall Street Bets group continue to surprise the market and they supposedly have a new target: American Airlines.

    • As CryptoPotato reported yesterday, the price for GameStop (GME) stocks soared days after millions of users in a Reddit group called Wall Street Bets decided to buy it in an attempt to liquidate large Wall Street hedge funds who have been shorting it heavily.
    • The results? Well, Melvin Capital – one of the hedge funds shorting GME, sold out of its position at a massive loss.
    • Now, it appears that Wall Street Bets have a new target – American Airlines (ticked AAL).
    • AAL shares are currently up about 40% in pre-market hours, though the price surged north of $30 before correcting for an increase of around 85%.
    • It’s worth noting that the company also reported a narrower-than-expected fourth-quarter loss, which might have added fuel to the pre-market pump.
    • However, a move of the kind could also be easily tied with the fact that plenty of posts are appearing on the Wall Street Bets subreddit, discussing American Airlines as a stock that’s majorly shorted.
    • This also caught the attention of the Daily Mail, as they reported that the stock price for AAL started surging immediately after the Reddit mention.
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    Tags: United States Wall Street
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    About The Author

    George Georgiev
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    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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