Meme stock mania 2.0
GameStop and AMC were the early faces of the meme stock revolution as retail investors traded these shares in a viral frenzy even if there wasn’t factual news.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 24.41 | +0.06 | +0.25% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 2.85 | 0.00 | 0.00% |
Famously, investor Roaring Kitty, also known as Keith Gill and Deep-F…value, who had gone quiet for three years, returned to social media in June 2024 with a Reddit post that showed a ledger of GameStop holdings worth millions. The stock soared 30% after the post.
Keith Gill, known on Reddit under the pseudonym DeepF…Value and as Roaring Kitty, is seen on a fragment of a youtube video displayed on a smartphone screen in front of GameStop logo. (Pavlo Gonchar/SOPA Images/LightRocket / Getty Images)
He also posted on X a reverse green card from the game Uno. While he didn't specify the meaning, in the stock meme world it can reportedly signal a comeback.
ROARING KITTY RETURNS WITH GAMESTOP BOOM
While the GME thread has died down, investors now have an exchange-traded fund for the next class of meme stocks; Opendoor Technologies, Plug Power, and Applied Digital Corp which rolled out Wednesday by Roundhill Investments.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MEME | ROUNDHILL ETF TRUST MEME STK ETF | 9.81 | -0.01 | -0.05% |
| OPEN | OPENDOOR TECHNOLOGIES INC | 8.49 | -0.80 | -8.61% |
| PLUG | PLUG POWER INC. | 3.65 | -0.21 | -5.56% |
| APLD | APPLIED DIGITAL CORP | 27.94 | +0.64 | +2.34% |
"Meme stocks started as a rebellion but have grown into a revolution," said Dave Mazza, CEO of Roundhill Investments in the announcement. "From GameStop to AMC and beyond, retail investors have proven that they are here to stay as a permanent force in the market. With MEME, we offer investors a tool to capture that power through an actively managed ETF that can rotate quickly into the stocks dominating the conversation today."
HOW WEALTHY INVESTORS ARE USING ETFS
A cyclist rides his bike by an AMC theater in San Francisco. (Justin Sullivan / Getty Images)
Trading under the ticker aptly named MEME, the firm notes investors can use the ETF "whether as a momentum-driven trade for those seeking to ride retail enthusiasm, or as a hedge against a short book…" which are bets a stock will fall.
In the case of Opendoor Technologies, that stock is up 430% this year but has traded in a range of $0.51 to $10.87 per share. Its retail investors, known as the "Open Army" according to the Wall Street Journal, have powered shake-ups in the C-Suite and strategy moves for the digital home flipping company. It is not profitable.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HIMS | HIMS & HERS HEALTH INC | 58.17 | +0.20 | +0.35% |
| QUBT | QUANTUM COMPUTING INC | 20.82 | -1.19 | -5.41% |
| BE | BLOOM ENERGY CORP. | 87.58 | +1.52 | +1.77% |
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Other stocks in MEME include Hims & Hers Health, Quantum Computing and Bloom Energy to name a few.