Krispy Kreme, GoPro both soar as the next darlings of this summer's meme stock resurgence
GoPro stock gained as much as 90% in premarket trading on Wednesday before paring gains to around 40% through the first half hour of the trading day, and Krispy Kreme stock rose as much as 70% before the open before pulling back to a 26% gain as normal market hours began. The sub-billion-dollar companies have become the latest names after Opendoor (OPEN) and Kohl's (KSS) starred earlier this week in a meme stock rally that has dominated the market conversation.
Onetime hardware and media tech breakout GoPro saw its stock trade as high as $98.47 in the months after its mid-2014 IPO, but 10 years later, the stock has lost roughly 98% of its value. Shares closed on Monday at $1.37.
GoPro's revenue has taken heavy hits over the past few quarters, down to $134.3 million in the first quarter of 2025, a roughly 13% decline from $155.5 million recorded in the same quarter last year. Revenue in its fourth quarter, traditionally a holiday shopping boon for the retailer, was down to $200.8 million in 2024 from $295.4 million in the year prior.
Read more about today's market action.
Doughnut maker Krispy Kreme hasn't faced the same precipitous drop-off in its share price, with the stock trading just above $5 after hitting an all-time high of $21.69 in the pandemic.
Like GoPro, Krispy Kreme saw its Q1 revenue drop by 15% year over year to $375.2 million in 2025 from $442.7 million in Q1 2024.
GoPro and Krispy Kreme are both set to report earnings in August.
As retail investors reignite the frenzied small-cap trading patterns of the 2020 and 2021 GameStop (GME) rally, the share prices for both stocks are soaring.
Still, GoPro and Krispy Kreme haven't quite hit the crazed levels of Opendoor and Kohl's, both of which saw shares more than double on Monday and Tuesday, respectively.
While traders appear to be targeting heavily shorted companies in this latest bout of meme sock trading, GoPro doesn't quite appear to fit the bill, with a little less than 10% of its outstanding shares available to be sold short.
This compares to short floats of around 28% for Krispy Kreme, 21% for Opendoor, and a whopping 49% for Kohl's.
Shares of Opendoor and Kohl's were both down more than 10% in early trading on Wednesday.
Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at jake.conley@yahooinc.com.
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