Interactive Brokers sees a “relative return to normalcy” after last week’s meme stock buying binge
Last week’s trading activity was dominated by a retail rush to crown a host of different companies as meme stocks.
From Opendoor Technologies, which traded a whopping 1.9 billion shares on Monday, to American Eagle’s stock surging thanks to an ad campaign featuring Sydney Sweeney, the desire to speculate has been in full swing.
Looking at trading activity on Interactive Brokers’ platform over the past five sessions, the company’s chief strategist, Steve Sosnick, sees signs that this speculative wave is breaking.
“If last week’s report displayed a notable rise in speculative behavior among IBKR’s clients, then this week’s shows a relative return to normalcy,” he wrote in a discussion of the top 25 most active tickers on the platform. “While there are still several highly speculative stocks on the list — including a stock too small to have listed options — there is a return to a more normal mix of names.”
He observed that four stocks in the top 25 — Advanced Micro Devices, Oklo, Hims & Hers, and Super Micro Computer — actually saw net selling activity, “a relatively high number by recent historical standards.”
Nevertheless, Opendoor remains in the top five most active symbols and continues to see net buying, Interactive Brokers’ data shows. However, Rigetti Computing, QuantumScape, and Rocket Lab have all dropped out of the top 25 list.
