Meme stocks ride on, though investors more cautious than GameStop era

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By Saqib Iqbal Ahmed and Laura Matthews NEW YORK (Reuters) - More than two years since a breathtaking surge in shares of GameStop captivated Wall ...

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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