Roundhill Meme Stock ETF (NYSEARCA:MEME) Stock Falls 7.6% – What’s Next?

Roundhill Meme Stock ETF (NYSEARCA:MEME) fell 7.6% during mid-day trading on Wednesday. The stock traded as low as $7.39 and last traded at $7.42. Approximately 60,448 shares were traded during trading, a decline of 67% from the average session volume of 185,497 shares. The stock had previously closed at $8.03.

Roundhill Meme Stock ETF Stock Performance

The firm has a market capitalization of $11.63 million, a PE ratio of -142.19 and a beta of -5.39. The stock has a fifty day moving average price of $8.20 and a 200-day moving average price of $8.57.

Hedge Funds Weigh In On Roundhill Meme Stock ETF

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rinkey Investments bought a new position in Roundhill Meme Stock ETF in the second quarter worth about $123,000. Nwam LLC bought a new stake in shares of Roundhill Meme Stock ETF in the 2nd quarter valued at about $163,000. Requisite Capital Management LLC bought a new stake in shares of Roundhill Meme Stock ETF in the 2nd quarter valued at about $181,000. Proficio Capital Partners LLC bought a new stake in shares of Roundhill Meme Stock ETF in the 2nd quarter valued at about $8,735,000. Finally, Montanova Capital LLC purchased a new position in shares of Roundhill Meme Stock ETF in the 2nd quarter worth approximately $26,755,000. Hedge funds and other institutional investors own 29.90% of the company’s stock.

About Roundhill Meme Stock ETF

The Roundhill MEME ETF (MEME) is an exchange-traded fund that is based on the Solactive Roundhill Meme Stock index. The fund tracks an equal-weighted index of 25 US-listed stocks selected baesd on a high social media activity score and high short interest percentage. MEME was launched on Dec 8, 2021 and is managed by Roundhill.