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American Airlines rose as much as 31% on Thursday as traders who regularly traveled on Reddit’s WallStreetBets forum were briefly pressured into a growing list of shares this week.
“AAL the next GME?” asked a Reddit user in a post on Wednesday.
After the hedge fund managers were successfully pushed out of GameStop, Reddit investors set their target on other sharply shortened companies.
American Airlines seems to fit the bill, with about 30% of the float sold short. In addition, the company had a catalyst to ignite the step: earnings.
The airline operator reported better-than-expected fourth-quarter revenue on Thursday, beating both revenue estimates and revenue estimates.
Shares peaked at $ 30 during Thursday’s pre-trading session, representing a gain of up to 81%. And the rise in short-term stocks has yet to weaken, as evidenced by GameStop, which rose more than 40% on Thursday morning to a high of nearly $ 500.
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