As meme stocks once again dominate discourse on Wall Street, a Goldman Sachs basket is benefiting as hedge funds try to cover themselves. Goldman's "short basket," known officially as the GS Most Short Rolling Index, has jumped along with the resurgence of the meme-stock craze seen this week. After the man who helped create the 2021 mania known as "Roaring Kitty" resurfaced online, GameStop and AMC shares each surged more than 70% in Monday's session alone.
mountain CVNA 5-yr chart Furniture e-commerce platform Wayfair is another well-known stock with a sizable presence in the basket. Shares have climbed nearly 19% this year, adding to last year's jump of nearly 88%. Like Carvana, analysts see a pullback ahead for Wayfair. Though the average analyst has a buy rating, their price target implies shares slipping just over 3% in the next 12 months, per LSEG.