The Meme Stock Revival Saw GameStop (NYSE: GME) Shares Surge Above 120%: VantagePoint’s A.I.-Driven Forecasting Software Saw It Coming A Week Earlier
Detroit, Michigan
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May 30, 2024 08:30 AM Eastern Daylight Time
By James Blacker, Benzinga
Meme stocks have once again rocked the financial markets, with GameStop Corp (NYSE: GME) and AMC Entertainment Holdings Inc (NYSE: AMC) seeing dramatic spikes in recent weeks. Shares of GameStop soared 74% on May 13 after social media influencer and investor Keith Gill, who was instrumental in the 2021 meme stock frenzy, made his first social media post in three years.
Similarly, other meme stocks saw massive surges, such as AMC, which rose nearly 80%, and Koss Corporation (NASDAQ: KOSS), which more than doubled.
While the share prices of GameStop and AMC seem to have now settled down, the resurgence of meme stocks has reignited the discussion about their volatility and unpredictability. While making money with meme socks is possible, it is considered by many to be risky and relies heavily on timing the market.
GameStop shares opened at $26.34 on May 13. At the time of writing, however, the stock is trading at $22.12, which means that traders who entered long positions after Gill’s social media posts on May 11 and 12 would be in the red. A month ago, the stock was trading at around $10, which means those who got in early would be up some 120%.
Staying Ahead Of The Curve
While humans can be notoriously bad at timing the market, advanced predictive tools are invaluable for traders and investors looking to capitalize on events like the meme stock resurgence. Amid such a landscape, the right tools are essential, and VantagePoint’s A.I.-driven market forecasting software has proven its ability to predict the momentum and trends of stocks like GameStop and AMC before they take off, with up to 87.4% historical accuracy.
Combined with its dual-patented intermarket analysis, which compiles and analyzes data about the interconnectedness of global markets, VantagePoint reports that its AI software saw the GameStop confirmed trend reversal as early as May 3rd, long before the broader market reacted to it.
VantagePoint claims that its software gives traders precise forecasts of a trend’s direction from one to three days in advance, in addition to predictions of the next day’s high and low. It makes forecasts for over 2,300 stocks, ETFs, futures, forex pairs, commodities and cryptocurrencies every single day.
The company has been using A.I. to forecast the markets for over three decades, which means three decades that its neural networks have been learning and getting more and more accurate. In line with the company’s vision to empower investors daily, VantagePoint was the first trading software developer in the world to introduce strategy back-testing capabilities in trading software for personal computers. In February 2020, long before the A.I. explosion, the company announced that its predictive accuracy had increased to 87.4%.
Since introducing its first trading software in 1983, VantagePoint has grown into a multi-million dollar, Inc. 500, trading software company with over 40,000 customers in more than 160 countries. The company has also won multiple awards, including “Best Predictive A.I. Software For Trading” by A.I. World Finance in 2023. The company also partnered with Benzinga in 2022 for a four-part series to help traders.
With the resurgence of social media-driven volatility, VantagePoint’s early insights could give traders and investors the edge they need to stay ahead of the curve.
Find out more at www.vantagepointsoftware.com.
Featured photo by Yorgos Ntrahas on Unsplash.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.
The above (GME) chart is from past data and is atypical. Trading involves risk. Past results do not guarantee future performance.
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