Bankruptcy concerns? Buy it! A slight mention of artificial intelligence? Yes, please! Cryptocurrency collapse? Smells like opportunity!
A lot of the stocks that got squashed last year and left short sellers fat and happy are leading the charge higher to start 2023. Here’s a look at what’s going on.
To the Moon! Unprofitable high-growth names are back in favor to start the year, but several of the biggest movers don’t really fit into the growth category. Those names are usually termed “meme stocks” — a basket of companies that have developed a strong following from retail traders and are touted across social media platforms.
As Bed Bath & Beyond Inc (NASDAQ: BBBY) prepared for potential bankruptcy at the start of the year, the stock soared as traders latched onto high short interest in the name.
Carvana Co (NYSE: CVNA) is up more than 100% since the turn of the calendar page and Beyond Meat Inc (NASDAQ: BYND) is up more than 40% in the face of Jim Chanos‘ warning that both companies are headed for bankruptcy.
Check This Out: Jim Chanos Says Tesla Is An Overhyped ‘Chinese Car Company,’ Carvana, Beyond Meat Are Going Bankrupt: Why The ‘Nirvana’ Won’t Last
A lot of the retail crowd likes to target heavily shorted stocks in an effort to induce short …
