Meme stocks are back, baby!
After a dismal 2017, meme stocks are back in full force. Companies like Tesla, Netflix, and Amazon are all up big in January, and many of the Reddit/WallStreetBets darlings of two years ago are leading the pack. So if you’re looking for a hot stock tip, you might want to check out the latest memes.
Shares of movie theater chain AMC (AMC) have soared nearly 65% so far in 2023, and AMC’s (AMC) companion preferred stock (which trades under the ticker APE as a nod to the nickname AMC (AMC) fans have given themselves on social media) has more than doubled.
What’s behind AMC’s (AMC) meteoric stock rise? Some industry experts point to the company’s aggressive expansion plans, which include opening up more than 1,000 new theaters by 2023. Others attribute AMC’s (AMC) success to its innovative marketing and customer service strategies. Whatever the reason, it’s clear that AMC (AMC) is on a roll and its shareholders are reaping the rewards.
Meanwhile, Bed Bath & Beyond (BBBY) has gained about 30%, despite rumors of an imminent bankruptcy filing and more store closings. And shares of GameStop (GME), which was once the OG meme stock from 2021, are up more than 25% as well.
Cryptocurrencies are on the rise once again, with Bitcoin rebounding from a 52-week low of about $15,600 to a current level of just under $24,000. This has led to a surge in Coinbase shares, which have skyrocketed an astonishing 140% since the end of 2022.
Cathie Wood’s ARK Innovation ETF (ARKK) has had an incredible start to 2023, surging more than 40%. The ETF’s top holdings include Tesla (TSLA), Zoom (ZM), Roku (ROKU) and Coinbase. ARKK is a poster child for speculative bets, and investors who are looking to make a quick buck should take a closer look at this fund.
Did investors learn nothing from last year’s market meltdown? I wrote last week about how one strategist dubbed this year’s market madness as a “flight to crap.”It seems investors have learned nothing from last year’s market meltdown. I wrote last week about how one strategist dubbed this year’s market madness as a “flight to crap.
Others are a little less critical of the so-called junk stock rally, but they are still worried it won’t end well. The so-called junk stock rally has skeptics worried it won’t end well, but others are less critical.