“I’m not against [buying] GameStop or AMC on these levels. GameStop is currently downstairs where I told you to call the box office in January, “the”Bad money“Said the host.
GameStop stock rose 0.85% to $ 302.56 on Wednesday, and AMC closed the session at $ 49.34, 10.37% less than Tuesday.
“When you’ve ridden her up from much lower levels, take a little off the table,” said Cramer. “These stories could always be dinged.”
The struggling companies’ stocks have soared on the Reddit-fueled retail market. GameStop has soared more than 1,500% so far in 2021. AMC has rallied more than 2,200% as of Wednesday.
GameStop that reported better than expected results for the first quarter after the market closed in extended trading fell by around 7%. The company also announced on Wednesday that it hired former Amazon ecommerce manager Matt Furlong as its new CEO.
“These companies now have a chance to reinvent themselves because the higher share prices have enabled them to raise capital,” said Cramer.
AMC has used the momentum to issue new shares and raise capital, and GameStop said Wednesday it would consider selling 5 million shares.