Gamestop Stock – Meme stocks riding the GameStop melt-up are now nosediving — Build-A-Bear is the sole winner
Reddit traders in January targeting heavily shorted stocks like GameStop, sending shares of AMC Entertainment and BlackBerry soaring and burning hedge funds caught flat-footed.
Four months later, however, most of the shares prices of the targeted companies — dubbed meme-stocks — have plummeted.
“We looked at 12 meme-stocks that had their meme-melt-up highs in late January and compared to how they perform now,” short selling and trading research firm Breakout Point wrote on 11 April. The list included GameStop, AMC Entertainment, BlackBerry, Nokia, as well as what it called “lesser known meme-stocks” such as Koss and Bed, Bath & Beyond.
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GameStop‘s shares were down by 67% compared to their highest point in January, the firm said, with fashion retailer Express coming second with a decrease of 73% over the same period. BlackBerry’s share price sunk by 68% and AMC’s by 54%.
The only company in the list chosen by the firm with a percentage increase was US retailer Build-A-Bear by 9%.
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