GameStop and other “meme stocks” mounted a late-day rally on Monday, with shares of the video game retailer climbing nearly 32% at one point on little apparent news.

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Shares of the videogame retailer, along with other stocks favored by retail investors congregating in online forums such as Reddit’s popular WallStreetBets, have roared back in recent sessions after a wild ride in which they soared in late January and tumbled early last month.

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Along with GameStop, which pared gains to close up 18.3%, cinema chain AMC Entertainment finished up 14.6% and headphone maker Koss added 13.4%.

At one point, GameStop, which closed at $120.40, reached a session peak of $133.99. Its low for the day was $99.97.

Some analysts said a tick higher in short positioning from last week may have provided some fuel for the rally. A short squeeze - in which a flurry of buying forces bearish investors to unwind their bets against the stock - was a key catalyst behind GameStop’s late January run, when it gained as much as 1600% before reversing.

The number of GameStop shares shorted stood at 17.74 million, analytics firm S3 Partners said on Monday, with short interest accounting for about 32.6% of the float, compared with about 26% a week earlier, according to S3 Partners. Short interest peaked at 142% in early January, S3 data showed.

"We`re definitely seeing some of the shorts who came on over the past week probably covering and it`s helping boost today`s rally," said Ihor Dusaniwsky, managing director of predictive analytics at S3. "Looking at today`s price movement, I`m sure these big red numbers are going to be chasing out quite a few shorts out of their positions."

GameStop short sellers were down $331 million in mark-to-market losses on Monday, bringing year-to-date mark-to-market losses to $5.1 billion, according to Dusaniwsky.

More than 48 million shares in GameStop changed hands, with volume surpassing the 10-day moving average. So far the stock is up 539% year-to-dated. However, it was still below its Jan.28 peak of $483.