Meme stocks AMC and GameStop tumble to lowest levels in months as investors take off risk

Speculative trades including GameStop and AMC Entertainment were hit hard Monday, as investors dumped risky meme names after a head-turning year.

Still, Monday's sell-off doesn't make a huge dent in the meme stocks' meteoric rallies this year. AMC shares are still up more than 970% on the year, and GameStop has a rally over 630% in 2021 under its belt.

The rally has pushed GameStop to the Russell 1000 Index of large-cap stocks from the small-cap Russell 2000.Earlier this year, a band of retail traders coordinated trades on social media and managed to create huge squeezes in a slew of heavily shorted stocks. The short interest in these names have come down drastically after the jaw-dropping episode.

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