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.