Meme mania has resurged in the past few months.
The last few months have seen a resurgence in social media-driven stock trades, resulting in a crop of new meme stocks, including Opendoor, GoPro, Kohl’s, and Krispy Kreme.
Now, JPMorgan has identified a few more names to keep a tab on. “We are flagging a few stocks that are heavily mentioned on Social Media and have high Retail buying as well as high Hedge fund Shorting,” the investment research said in a note to clients, according to CNBC. “These stocks may experience unexpected flows in case of increased activity.”
Here are JPMorgan’s picks and brief notes on their recent moves:
Hims & Hers Health
The weight loss and health management company’s stock has fluctuated significantly between peaks and troughs. Earlier this year, the company entered into a partnership with Novo Nordisk to distribute the latter’s Wegovy, a popular GLP-1 weight loss drug. However, a few months later, the Danish pharmaceutical major canceled the partnership, citing Hims & Hers’ failure to prevent “knockoff” compounded versions of Wegovy and for engaging in deceptive marketing.
U.S. regulators have rapped Hims & Hers for its drug marketing practices, and investors are closely watching the company’s moves.
Year-to-date gain: 110%
Short interest: 31.1%
Stocktwits sentiment: Bullish
ImmunityBio
The cancer-focused biotech firm has seen interest, driven by clinical-stage Anktiva, designed to boost the immune system’s tumor-fighting response, and immunotherapies that target and kill cancer cells. Although the company’s stock has mostly traded rangebound this year, shares have jumped double-digit percentages on several occasions in reaction to positive trial data.
Year-to-date gain: 0.4%
Short interest: 8%
Stocktwits sentiment: Bullish
Rocket Companies
The mortgage and house-owning services firm has seen its stock climb steadily this year, with a recent bump accompanying renewed expectations of a potential lowering of interest rates. The stock hit a 52-week high earlier this week.
In March, the Rocket Companies announced a massive $9.4-billion all-stock acquisition of competitor Mr. Cooper Group, lifting investor confidence. The company’s business is closely tied to the housing market, which is experiencing a modest rebound.
Year-to-date gain: 97%
Short interest: 5.3%
Stocktwits sentiment: Bullish
SoundHound AI
After a whopping 836% rise in 2024, SoundHound shares have traded comparatively sombrely this year. That said, several analysts have recently begun covering the company, impressed by its voice-based AI technology.
In July, the company reported a 217% rise in its second-quarter revenue and increased its sales guidance for the whole year.
Year-to-date loss: 29%
Short interest: 28.7%
Stocktwits sentiment: Bullish
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