The housewares chain is the latest brick-and-mortar brand to move into meme stock terrain on the power of online message boards.
The surge was trigged after a regulatory filing showed activist investor Ryan Cohen was betting big on the big box retailer. Cohen has had a devoted following of retail investors on Reddit’s spirited message boards ever since he became a central figure in last year’s GameStop saga.
In January 2021, the gaming retailer’s shares surged from less than $5 apiece to more than $480, in a bet against the institutional wisdom of Wall Street. It was a remarkable turn for a bricks-and-mortar business that, like other retailers, had , forcing it to shutter hundreds of stores the year before. The run-up drew huge media attention and introduced the concept of meme stocks and trading, showcasing the power of social media in steering everyday investors.The drama was both a David vs. Goliath tale for the digital age and an online casino-based tragedy, as many investors ended up on the losing end.
Though many novice traders got caught up in the hype and lost money — GameStop’s stock is half that of its peak closing price — the meme stock phenomenon has carried on. Retail investors are again putting their money on the line for the same reasons that drew them to meme stocks last year: Many institutional investors are betting against the companies, representing a huge opportunity for gains, in spite of or because of the risks.
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