Are meme stocks still a thing? Very much so, if the 400 per cent surge in the share price of US home goods retailer Bed Bath & Beyond over the past month is anything to go by.
Conventional wisdom dismisses these equities as detached from fundamentals. A more accurate view is that they are detached from their own fundamentals — but not from those of the market as a whole.
Reddit’s WallStreetBets crowd laid low during the worst of this year’s market rout. A sustained rally on Wall Street since June — fuelled by a stronger-than-expected corporate earnings season — has lured them back.
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