Last year’s meme stock madness wasn’t confined to the United States, with data from Dutch discount brokerage Degiro showing GameStop and AMC were among the most-traded stocks in Ireland and across Europe at various stages last year.
It’s not hugely surprising, then, that struggling US homeware retailer Bed Bath & Beyond is the most-traded stock among Degiro clients thus far in August, even outpacing mega-cap retail favourites like Tesla and Google parent Alphabet.
The trading has been wild of late, with the stock soaring sixfold in recent weeks before taking a sharp turn lower after activist investor Ryan Cohen revealed his intention to sell his entire stake in the company.
Many of the retail traders on Reddit’s WallStreetBets aren’t pretending their foray into the latest meme stock isn’t anything other than a silly bet. “Just drove past a BBBY store and saw some people walking in.. BUY BUY BUY!,” wrote one user last week.
That’s funny, but losing money is no laughing matter. This latest episode of speculative meme stock madness will likely end sooner rather than later, with most retail traders inevitably nursing painful losses.
