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A New Catalyst For Meme Stocks?
A TikTok video leads to a >50% spike in a stock on Wednesday
The New Wall Street Bets
In yesterday’s Trade Alert, I linked to a meme stock tracker, which based its list on how many memes about each stock were listed on the r/WallStreetBets Reddit forum (its current leader is Tesla, Inc. (TSLA), with 48 memes). One stock that’s not on there as I type this (the list is continually updated) is the “space infrastructure company” Redwire Corporation (RDW). And yet RDW rocketed to a 48.82% gain Wednesday, followed by a second stage 7.14% gain after hours.
After finding no news explaining that price movement on mainstream investing sites, I did some digging and found this TikTok video which seems to have been the catalyst.
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It looks like we have another site to keep an eye on for future meme stocks to consider betting against.
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