Many of the so-called meme stocks have held much of their gains after social media users began to drive the stock prices higher earlier this year. Original meme names GameStop and AMC Entertainment are up 1,000% and 1,970%, respectively, since the start of 2021. But other names joined the party along the way. Apparel retailer Express (NYSE: EXPR) and fitness drink maker Celsius Holdings (NASDAQ: CELH) are 515% and almost 70% higher, respectively, year to date. One name that has fallen is online gaming company Skillz (NYSE: SKLZ) , which has lost almost 40% of its value this year. But those trends didn't hold this week, with the latter three names moving as follows as of Friday morning:
Image source: Getty Images.
As with many of the gains this year for stocks pushed by social media followers, this week's double-digit moves weren't related to the underlying company's businesses. The upward move in Skillz stock , for example, could be happening for several reasons. One is that the share price dropped precipitously this year as heavily followed investor Cathie Wood seemed to lose faith in the company. Wood's exchange-traded funds (ETFs) unloaded holdings in the company, selling more than 500,000 shares in July 2021. Skillz is now barely in the top 50 holdings of Wood's combined ETFs, representing only about a 0.54% weighting in her holdings.
For further details see:
Why Express Dropped but Other Meme Stocks Popped This Week