The Next “Meme” Stocks: $NOK, $AMC & $BB 🚀 r/WallStreetBets = Unstoppable 💪
Robinhood, Melvin Capital and Citadel Securities executives are due to testify in front of the US House of Representatives financial services committee next week after trading buzz that spiked GameStop and other “meme shares”.
The committee is looking into how retail has driven some stocks to extreme highs, leading to cuts in hedge funds like Melvin Capital, which have bet against those stocks..
Here are some of the stocks involved in the initial frenzy and what they have looked like since then, as of the end of Friday:
– GameStop’s stock, which has been heavily advertised on WallStreetBets Reddit, surged 2,460% year-on-year to a high of $ 482.25 in January as some of the organizations that had been betting the stock were forced to roll back. against the background of the shaft of purchases. Stocks held back much of that rally earlier this month, but are still trading 178% higher than a year earlier..
– AMC Entertainment Holdings shares rose sharply after the company said it was negotiating bankruptcy «completely excluded». At the peak of the rally, its shares reached $ 20.36, up 860% from December 31. Friday closing price pushes stock up 164% in 2021.
– Shares in the Canadian Blackberry are up 334% but are up 97% from the beginning of the year to Friday. Late last month, the company announced that it was expanding its partnership with Chinese search platform Baidu Inc..
– At one point, the sale of the stock of the home goods retailer Bed Bath & Beyond has jumped 204% YTD, but has slowed to 59% since then.
– Pharmaceutical firm CEL-SCI Corp rose to $ 40.77, up 247% from a year ago, and earnings have since dropped to 100%. Finnish company Nokia joined the short rally and at one point achieved 150% profit YTD to $ 9.79 per share. Recently, this growth has been a more modest 7%..
– Consumer electronics company Koss Corp was also hit by buzz, with shares up 3605% overnight. Shares are up 330% in 2021.
– Stocks of cannabis companies that have already posted big gains in hopes of decriminalization under the US president Joe biden, were among the last to experience sharp fluctuations. According to CBOE Global Markets, weekly cannabis option volumes soared to record highs by Thursday, and US-listed shares of Tilray Inc and Aphria Inc and Sundial Growers are up one point year-over-year at 711%, 367% and 736% respectively … By the close of Friday, they added from 144% to 339%.