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Trade Alert: Betting Against A Meme Stock

Trade Alert: Betting Against A Meme Stock

"Roaring Kitty" is back, and weak stocks are rocketing in response. We're betting against one of them.

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Portfolio Armor
May 14, 2024
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The Portfolio Armor Substack
The Portfolio Armor Substack
Trade Alert: Betting Against A Meme Stock
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A digital artwork depicting the return of a stock analyst known as 'Roaring Kitty' in an abstract and metaphorical style. The scene shows a large, anthropomorphic cat wearing glasses and a suit, sitting behind a computer with stock charts on the screen. The background is vibrant, filled with soaring stock symbols and colorful lines representing stock movements. The mood is chaotic yet exciting, capturing the frenzy around meme stocks. The style is cartoonish with a modern, digital feel, full of dynamic elements to reflect the market's volatility.

The Return of “Roaring Kitty”

“Roaring Kitty”, as the meme stock investor Keith Gill calls himself, returned to X after an absence of three years yesterday, and posted a few memes, with no specific stock commentary. On the basis of that alone, a couple of former meme stocks spiked in price yesterday and today, at times by more than 100%.

We’re going to try betting against one of those meme stocks today, which has terrible fundamentals. On Chartmill’s scale of 0-to-10, where 0 is the worst, this stock has an overall fundamental rating of 1, a valuation rating of 1, and a health rating of 0. Our bet is that the stock will come back to earth over the next few months.

Details below.

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