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That makes little conventional sense from an investing point of view, but the meme trading phenomenon is fueled in part by humor and a kind of crazed celebration of throwing conventional wisdom out the window. In that light, it’s entirely possible that some of the Reddit traders like Rocket because its name overlaps with the community’s jokey terminology. For example, when GameStop was surging, scores of Reddit users talked about riding the company’s shares “to the moon.” It’s worth noting that “to the moon” and the rocket ship emoji are two of the most common comments the Reddit trading community uses when describing their trades. “Team rocket blasting off baby ??????,” yet another wrote. “$RKT is fueled and ready for liftoff!” another wrote.
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“Rocket to the moon,” one user wrote earlier this week. Rocket hasn’t seen GameStop’s level of volatility, but the company has popped up on r/WallStreetBets, the now-infamous message board behind the meme trading phenomenon, repeatedly this week. GameStop stock eventually came crashing back down, though it continues to see significant price fluctuations. The most prominent example of these meme traders influencing the market was when they managed to inflate the price of shares in retailer GameStop by hundreds of percent. There’s a certain populist flare to the trend, with many traders celebrating the chance to stick it to institutions. In practice, they often pick firms that are heavily shorted, meaning institutional investors are betting the companies’ stock will fall in price. They’re sometimes referred to as “meme traders” because they often communicate with emojis and jokey memes, and because they don’t necessarily target companies based on financial performance. Reddit-based traders are ordinary retail investors - as opposed to institutions or hedge funds - that over the last couple of months have used their numbers to buy up enough shares in certain companies that they can drive up prices. Well, it appears that stock traders from online message board Reddit may be to blame. Indeed, CNBC referred to the price changes as an “irrational pop.” But the fall on Wednesday also represented Rocket’s worst-ever day for trading.Ĭompanies see their stock rise and fall all the time, but the volatility in Rocket’s share prices are notable because the company didn’t release an earnings report this week, nor did it make any major announcements or appear in headlines for non-stock related news. Fundamental company data provided by Morningstar, updated daily.The price spike on Tuesday had ultimately given Rocket it’s best day on the stock market since the company held it’s initial public offering last August. Stock quotes provided by InterActive Data. The gurus listed in this website are not affiliated with, LLC. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations.
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