Resurgent risk appetite among some investors is fueling rallies in the shares of so-called meme stocks after a crushing year for equities.
Carvana Co shares, meanwhile, are up 48 per cent this month amid heavy short interest, while shares up Revlon Inc are up nearly 28 per cent. Shares of older meme stocks have joined in the rally, with GameStop Corp up nearly 11 per cent and AMC Entertainment Holdings Inc up nearly 25 per cent. “When we get a little bit of easing in inflation expectations … risk appetite comes back on and retail investors tend to pile into [meme stocks] in hopes of this lottery-like payoff,” said Garrett DeSimone, head of quantitative research at OptionMetrics.
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