A stock that once dominated the threads on Reddit’s infamous WallStreetBets community, and introduced the world to retail-driven “meme” stocks, is beginning to cool down, as its Momentum score in Benzinga’s Edge Stock Rankings witnessed a steep decline over the past week.
Reddit’s Favorite Stock Sees Its Momentum Tank
The Momentum score in Benzinga’s Edge Rankings assesses the strength of a stock relative to the thousands of other stocks ranked. It essentially considers price movements and volatility across multiple time frames, before ranking them individually as a percentile against others.
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A dip in a stock’s Momentum score signals a drop in its price and volumes in recent weeks, relative to other stocks in the market.
1. GameStop Corp.
The video game retailer that sparked the “meme” stock frenzy in 2021, GameStop Corp. (NYSE:GME), is seeing its Momentum fade in recent weeks. The stock is down 15.8% so far this month, and its Benzinga Edge Momentum score is going down with it, dropping from 74.38 to 44.07 within the span of a week.
The stock that once touched an all-time high of $483, after soaring 1,700% within just a few weeks in 2021, is now cooling its heels, as investors fear dilution from the company’s decision to issue an unspecified amount of various securities.
Despite the steep fall in its Momentum, the stock scores high on Growth in Benzinga’s Edge Stock Rankings, but has an unfavorable price trend in the short, medium and long terms. Click here for deeper insights into the stock, its peers and competitors.
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