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A meme stock is born: How to spot the next Reddit favourite
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Shares of Reddit icon GameStop jumped as much as 2,500 per cent in January after day traders noticed its short interest had ballooned to record levels.
PHOTO: REUTERS
NEW YORK (BLOOMBERG) - Trying to keep up with the frenzied rise of so-called meme stocks might feel a bit like playing a game of whack-a-mole, bewildering analysts and investors alike.
While there is no steadfast definition of what constitutes a meme stock, one common thread across the many names being pitched on social media is a focus on heavily shorted companies. Shares of Reddit icon GameStop jumped as much as 2,500 per cent in January after day traders noticed its short interest had ballooned to record levels.
