Shares Kohl’s (KSS) opened nearly 90% higher Tuesday, finishing the session up almost 38%, while online home buying website Opendoor’s (OPEN) shares jumped 20%.

These companies are headlining a new list of so-called meme stocks - neither had any corporate updates but they were the subject of conversation on r/wallstreetbets, the Reddit channel behind the original meme stock craze of 2021.

Back then it was GameStop and AMC that drove the headlines and a huge amount of volatility. Here’s a look at the new breed of meme stocks.

Kohl’s (KSS)

Short squeezes were a big part of the story then and again now - about 50% of Kohl’s stock was sold short at the end of June. Three CEOs in three years and lacklustre sales at the department store chain left it exposed but the retail army is buying.

Opendoor Technologies (OPEN)

Hedge fund manager Eric Jackson has been talking up the stock after taking a position. OPEN is up more than 400% in the last month and he says it could go to $82.

Krispy Kreme (DNUT)

The heavily-shorted stock rallied 27% on Tuesday as it’s been touted as one of the new meme names. 

GoPro (GPRO)

Shares have collapsed in recent years but jumped 41% on Tuesday and were called up another 50% or so on Wednesday.

BeyondMeat (BYND)

Short interest stood at more than 36% in the plant-based food company before WSB traders sent the stock up sharply.

Quantumscape (QS)

The WSJ named this one among the new meme names after shares leapt 10% on Tuesday.. The company develops solid-state rechargeable lithium metal batteries for electric cars. 

Meme Stock Trend?

It looks to me part of a trend that has seen retail investors delve deeper into riskier corners of the stock market, searching out names like Joby (JOBY), Archer Aviation (ACHR), D-Wave Quantum (QBTS), BigBear.ai (BBAI), among others. Last week we saw a big surge in interest in BitMine Immersion Technologies, which has been one of the most volatile names in recent weeks.

Data from Citadel shows retail accounts for more than 20% of US equity flows, a level it was last at the first time around in 2021.
Investors need to be attuned to the increased volatility in these stocks and do their own research about the long-term prospects of these companies.