Add GoPro to the list of mooning meme stocks
Perhaps the only thing more enjoyable than bidding up a number of struggling companies is strapping a small camera to your forehead so you can relive the experience of “line go up.”
Shares of GoPro gained 40% on Tuesday as nearly 40 million shares changed hands, the highest volume day for the stock since early 2018.
The stock has already traded more volume than that by 8:48 a.m. ET today, with shares up a whopping 83%.
The difficulty in grouping meme stocks, despite the most admirable efforts, is that one needs a high-speed camera to be able to capture how the list of targets shifts and expands.
Options activity, a trademark feature of meme stock moves, was in full force on Tuesday: 56,467 calls changed hands versus a 20-day average of 2,196. Open interest in calls expanded by nearly 50%, suggesting that much of this action was fresh bullish bets.
