STORY CONTINUES BELOW THESE SALTWIRE VIDEOSNEW YORK - More than two years since a breathtaking surge in shares of GameStop captivated Wall Street, the meme stock phenomenon continues to defy predictions of its demise.
The Roundhill MEME ETF, which tracks the performance of a basket of meme stocks, is down about 55% from where it started trading in December 2021, though up about 38% for the year. In contrast, C3ai, which this year has benefited from investor excitement over artificial intelligence, drew a one-month net total of $285 million in June, when the stock hit a peak that saw it up 314% year-to-date.
Of course, there are exceptions. Shares of Tupperware Brands, which had been trading below $1 before its rally drew just $32 million of net retail inflows between mid-July and early August, Vanda's data showed, at its peak was up 85% from a month ago. At the same time, the latest batch of meme stocks - like many before it - is also drawing the attention of institutional investors who bet on share price declines.
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Meme stocks ride on, though investors more cautious than GameStop eraThe phenomenon continues to defy predictions of its demise.
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Meme stocks ride on, though investors more cautious than GameStop eraMore than two years since a breathtaking surge in shares of GameStop captivated Wall Street, the meme stock phenomenon continues to defy predictions of its demise. Yet the retail investors who have driven past meme stock moves appear to have become more cautious after last year's market selloff, while rallies in the shares of the often small and heavily-shorted companies bearing the meme stock label have tended to be more fleeting. Here are some charts illustrating what has changed, and what has not, in meme stocks.
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Stock futures edge up as yields stay near recent highs: Stock market news todayWall Street looked to rebound from two straight down sessions.
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