Whether it’s a function of people deciding to stay home to trade stocks in the air conditioning or folks looking for a way to make extra money in an inflationary environment, the meme stock trade is having another moment.
The top 10 most actively trading stocks on Fidelity on Monday included AMC, Bed Bath & Beyond, and GameStop. Shares of AMC were the second most active on the platform behind the always volatile Tesla.
In pre-market trading on Tuesday, Bed Bath & Beyond stock spiked 10% following a nearly 40% gain on Monday. Bed Bath & Beyond spokesman Eric Mangan did not return Yahoo Finance’s request for comment on the stock price movement.
Bed Bath & Beyond shares have exploded 131% so far in August.
The move — against a backdrop of speculation the struggling retailer is nearing a badly needed cash raise — generally has come out of nowhere.
A similar no-news push higher involves GameStop stock, which fluctuated pre-market on Tuesday following an 8.5% gain on Monday.
As for cinema chain AMC Entertainment, AMC stock rose nearly 3% in pre-market trading today in the wake of an 8% increase on Monday.
Unlike its peers in meme land, however, at least AMC shares had a positive catalyst.
AMC CEO Adam Aron —affectionately known as “chief ape” amongst the Reddit community — exclusively told Yahoo Finance Live the company would begin debt reduction “soon.”
“We are going to get on a path relatively soon to deleverage some more,” Aron said (video above). “I think you can say relatively soon, meaning starting this year and certainly in significant numbers in 2023.”
Whatever the reason for the meme stock revival, fresh data underscore the investor appetite for the names that made the retail trading movement popular at the height of the COVID-19 pandemic.
More broadly, the Roundhill Solactive Meme Stock Index, which tracks popular meme stocks such as AMC, Roku, Peloton, and Robinhood is up a cool 15% in August.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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Source: https://finance.yahoo.com/news/meme-stocks-bed-bath-beyond-amc-gamestop-little-news-100058072.html