NEW 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. Individual investors may still be licking their wounds after a drubbing in markets last year, with the average retail portfolio off between 20% and 25% from its all-time highs, compared to the S&P 500, which is off 8.3% from its 2022 peak, said Marco Iachini, Vanda's senior vice president.
Jonathan Krinsky, chief market technician at BTIG, said the most recent rally in suggested traders had been hunting for "lower quality" stocks they believed could catch up with shares that had already soared.
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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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