WeWork, The Latest Meme Stock - What's Going On?
Portfolio Pulse from Anusuya Lahiri
WeWork Inc's stock gained over 35% on Friday, triggering speculation of it becoming the latest meme stock like GameStop. The r/WallStreetBets community is rallying behind the stock. WeWork reported dismal Q2 financial results this week, with a loss of 21 cents per share and revenues of $844.00 million, both missing consensus estimates. The session volume crossed the 63 million mark vs. the average 100-day volume of 34 million.
August 11, 2023 | 1:51 pm
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POSITIVE IMPACT
WeWork's stock surged over 35% amid speculation of it becoming a meme stock. The company's Q2 results missed estimates.
WeWork's stock price surged due to speculation of it becoming a meme stock, similar to GameStop. This speculation, driven by the r/WallStreetBets community, could continue to drive the stock price up in the short term. However, the company's poor Q2 results, which missed estimates, could negatively impact the stock price in the longer term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
GameStop was mentioned in relation to WeWork's stock surge, as both are considered meme stocks.
GameStop was mentioned in the context of WeWork's stock surge, as both are considered meme stocks. However, there was no specific news about GameStop that would impact its stock price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50