Krispy Kreme, GoPro, Beyond Meat join meme stock rally amid social media buzz
Wearable camera maker GoPro surged 39 per cent in early trading, Krispy Kreme, known for doughnuts, rose 20 per cent, and Beyond Meat increased 16 per cent. Meanwhile, Opendoor Technologies Inc. declined as much as 12 per cent, while Kohl's Corp. gained 1.8 per cent, reported Bloomberg News on Wednesday, July 23.
The huge spikes in trading volumes and stock prices have been fueled by social media hype, short squeezes, and technical breakouts, even though the companies' core fundamentals have remained unchanged, the report said, citing Daniela Hathorn, senior market analyst at Capital.com.
'Krispy Kreme seems to be the latest addition to the frenzy,' she wrote in a note. 'Like the others, there was no significant news to justify the rally, just sheer retail momentum," she added.
On Tuesday, Krispy Kreme experienced a surge in call volume, with over 100,000 contracts traded—about 71 times the typical daily volume in the last four years, based on Bloomberg data. Simultaneously, GoPro recorded its highest call volume since 2021, exceeding 56,000 contracts.
Recently, Wall Street has been witnessing a resurgence of several stocks popular on Reddit's WallStreetBets, a forum known for previous meme-stock rallies. Last week, shares of the tech-driven home flipping company Opendoor soared, while Kohl's stock more than doubled at one point on Tuesday.
On Wednesday, day traders on Reddit searched for the next potential stock, with some suggesting Krispy Kreme. Stocks such as The Campbell's Co., Aehr Test Systems, Polaris Inc., and Wendy's Co., which have relatively high short interest, have also drawn buyers this week.
The meme stock rally surged during the 2021 pandemic lockdowns, as amateur investors, buoyed by savings and government stimulus, were encouraged to trade on platforms with low fees, reported Reuters.
(With inputs from agencies.)
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