A year on, meme stocks lose favor with retail investors

KOSS

21/01/2022 19:07

** Meme stocks GameStop  GME.N  and AMC  AMC.N  have fallen
more than 75% from record highs hit last year when retail
investors coordinated on online forums such as Reddit to boost
heavily shorted stocks and hurt bearish hedge funds
    ** "We topped out of these meme stocks back in February or
March and they continued to leak for the majority of the year...
eventually, fundamentals catch up to price," says Dennis Dick,
proprietary trader at Bright Trading LLC
    ** Overall, GameStop  GME.N  and AMC  AMC.N  surged 687.6%
and 1,183%, respectively, in 2021; they were among the top 10
least profitable shorts of 2021 - S3 Partners 
    ** Young investors, a big part of the meme stock frenzy, are
shifting focus to EVs and the "metaverse", according to the
quarterly investor outlook from Apex Fintech Solutions
 urn:newsml:reuters.com:*:nL1N2TT2VN
    ** The report said that among Gen Z, AMC fell to #3, losing
the top spot to Tesla  TSLA.O , while GME dropped five spots to
#11
    ** Other meme darlings Blackberry  BB.N , Bed Bath and
Beyond  BBBY.O  and Koss  KOSS.O  have declined between 71% and
93% from their record highs in late Jan 2021
    ** "There'll be less flows because people want to take less
risk with their money," says Hargreaves Lansdown analyst
Susannah Streeter

 (Reporting by Bansari Mayur Kamdar in Bengaluru)
 ((BansariMayur.Kamdar@thomsonreuters.com;))