Meme stocks like AMC and GameStop get their price spikes from strong buying interest. GameStop reported its third quarter results after the close Tuesday, a key event for meme traders. Sales of $860 million on a loss of 4 cents per share missed analysts' estimates of $887.

On Thursday, about 300K GameStop options contracts had changed hands by 2:14 p.m., at about 1.5 times the usual pace.

Analysts predict the company will post a loss of $0.03 per share, compared to breaking even ($0.00 EPS) in the same quarter last year, according to data from Benzinga Pro. The company has beaten analyst earnings per share estimates in three of the last five quarters.

While retail investors might base their trades on memes posted by Roaring Kitty, a leading Wall Street analyst is warning investors that the company’s plan to return to growth is hopeless. Michael Pachter of Wedbush,

Shares of GameStop soared as much as 75% after meme stock influencer Keith Gill - who goes by “Roaring Kitty” on social media - revealed a $116 million position in the company.

Shares of GameStop Corp. were up 8.2% in extended trading after the videogame retailer reported a surprise third-quarter profit, despite falling sales.

The results are due after the close of trading on Tuesday. Shares of the videogame retailer are up 59% this year.

Meme stocks like AMC and GameStop get their price spikes from strong buying interest. AMC soared on Thursday but erased all of those gains Friday as it fell nearly 10%. Shares soared after influential meme investor Keith Gill,