: Weber stock enjoys best day ever as traders bet on it being the next meme stock

by | Aug 18, 2022 | Stock Market

Weber Inc. shares enjoyed their biggest daily bounce ever Thursday, on record volume, as investors seemed to bet on the grill maker becoming the next meme stock. Weber
shares finished the day up 27.2% at an even $10, easily its strongest percentage gain for a single session. About 20 million shares changed hands in the regular session Thursday, roughly 31 times the stock’s average daily volume of about 640,000 over the past year, and also a record high.

Shares are still 45% below the stock’s closing price of $18.07 on its first trading day a little more than a year ago. They sold for $14 in the company’s initial public offering last August. Weber has been mentioned as a potential meme stock, with high short-interest and a small stock float, a setup that traders who gather on Reddit have been known to target. Shares have been pummeled this year as Weber’s pandemic sales surge cooled down — the company reported an unexpected quarterly loss earlier this month and plans to cut costs, including layoffs and a suspension of its dividend. Weber shares show a short position of 18.4% of shares outstanding, according to FactSet data, though some have claimed that the percentage is actually much higher. “Meme stocks, and the retail long shareholders who have created them, continue to agitate, and confound the market, moving stock prices based on momentum and not necessarily on fundamentals,” S3’s Managing Direct …

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