Barstool's Portnoy puts $700K into AMC shares following squeeze trade losses
The Barstool Sports founder said he invested in AMC, Nokia and Naked Brand shares on Wednesday
Dave Portnoy bought back shares of AMC after losing $700,000 following squeeze trades.
The Barstool Sports president and founder told FOX Business on Wednesday that he got out of all heavily shorted stocks on Tuesday, but bought back some of the movie theater company stock because he “saw AMC going back out.”
“I put in $700,000 into AMC this morning,” he told Stuart Varney on “Varney and Co.” and he added that he is already “up” $60,000 on his investment.
When Varney asked when he would “get out” of the stock he responded: “That’s all feel… I think it could have another run.”
ROBINHOOD RESTRICTING GAMESTOP TRADING IS 'FLAT OUT CRIMINAL,' BARSTOOL'S DAVE PORTNOY SAYS
“The big question with it obviously is, that stock has been restricted," he added. "Today I don’t think it is. So it’s a little bit of a guessing game [about] what’s going to happen... This is not fundamentals. This is just watching the ball bounce… black, red or green in a roulette wheel.”
Portnoy said he also invested a “little bit” in Nokia and Naked Brand stocks.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 11.90 | +0.69 | +6.16% |
| AMC | AMC ENTERTAINMENT | 3.40 | +0.13 | +3.97% |
| NOK | NOKIA OYJ | 3.65 | +0.01 | +0.27% |
| NAKD | n.a. | n.a. | n.a. | n.a. |
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Meanwhile, Robinhood on Wednesday announced that it would allow fractional share investing in GameStop and AMC.
Portnoy said the move would bring the little guy back, but also stressed that the app could halt trading if these names start “going nuts again like they did before.”
“I didn’t know they could pause trading like they did and crater the price… I was jumping on the train trying to make quick money… I’ll still do that if the opportunity presents itself,” he said. “But it certainly opened my eyes to what can be done when the little guy starts getting the hammer.”