Retail investors who fueled a basket of meme stocks to meteoric heights are getting pummeled by a risk-off environment and waning enthusiasm for their favorite high-flying stocks. The group of 37 so-called meme stocks tracked by Bloomberg fell as much as 4.4% on Monday, marking a sixth straight decline, after its worst week since late February. AMC Entertainment has dropped 27% and GameStop is down 11% over the past six days, while Express Inc., Zomedica Corp., The9 Ltd are each down more than 20%. AMC Entertainment remains the group’s best performing stock this year and has skyrocketed 1,500%, nearly double the gains seen in GameStop. The malaise is becoming increasingly visible for one-off meme stocks that see huge gains evaporate.

Source: Mint July 19, 2021 16:07 UTC