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Retail traders rallied behind lesser known companies like AMC and GameStop this year.
The meme-stock phenomenon began in earnest in January when millions of retail traders started investing in ailing companies and buying shares of them to reap massive rewards and stick it to short sellers.
The meme-stock pack is still led by AMC and GameStop, but there are five other meme stocks you may not have heard of.
1. A famous fast-food chain.
Wendy's is a fast food restaurant.
FREDERIC J. BROWN is a photographer.
Wendy's briefly surged in June after a person on the internet explained that the fast-food chain was the perfect stock for Wall Street because it serves chicken "tendies" and it appears in meme. The stock is up about 10% for the year.
2. A company in the country.
Peter Dazeley is a photographer.
Peter Dazeley is a photographer.
Orphazyme, a company researching treatment for rare diseases, surged more than 1,000% in a single day in June. The stock was mentioned on the site at the time. Goldman Sachs took a stake in the company and then sold it below the 5% threshold that would prompt a filing. But shares have plummeted.
3. A small Texas oil driller.
The images are from the same company.
When the company became a top-trending stock on the investing forums in June, its share price more than tripled. Torchlight, a Plano, Texas-based oil driller, sold $100 million worth of new shares after the rally. The MMAT stock ticker was used when the company closed its merger with Meta Materials.
4. A company is at odds with Apple.
Koss Fitclips. Amazon.
Amazon.
Koss surged 2,000% in January after being caught up in the meme-stock trading frenzy. The stock traded in a meme-like manner in October when the company won a patent battle. The shares of the company have increased in value this year.
5. Another oil company in Texas.
There are pump jacks for oil in California. Thomson Reuters.
Thomson Reuters.
There were other oil drillers that lit up the internet this year. Retail traders pointed to a potential short-squeeze opportunity as the company surged in September. A short-seller report from New York took the wind out of the meme-stock play. The stock lost ground.
Business Insider has an original article.
