Meme mania lifts Krispy Kreme, GoPro and Beyond Meat, as Opendoor and Kohl’s drop
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The news: Retail traders extended their buying spree in heavily shorted stocks, lifting Krispy Kreme, GoPro and Beyond Meat in the latest wave of meme stock activity.
The numbers: Krispy Kreme shares were 9% higher on Wednesday (Thursday AEST) after a 26.7% surge Tuesday, GoPro was 35% higher and Beyond Meat was up 9%.
Previous meme stock picks Kohl’s and Opendoor dropped 16% and 25% respectively on Wednesday after surging earlier this week.
The context: Analysts are attributing the gains to social media buzz, short squeezes and technical breakouts, with no major changes in company fundamentals. They say social media momentum, including Reddit’s r/WallStreetBets and X.com posts, are key drivers.
The wild-swing gains echo the 2021 Reddit-driven meme stock frenzy.
According to JPMorgan data quoted by Reuters, retail traders now account for nearly a quarter of US stock market orders.
The sources: Reuters, Bloomberg, The Associated Press
