Krispy Kreme (NASDAQ:DNUT) soared 30% in early action on Wednesday in a move tied to momentum trading. Volume on Krispy Kreme (NASDAQ:DNUT) is over 68 million shares after just 45 minutes of trading, which means more than half of the company’s market cap has flipped hands already.
Another former meme favorite breaking higher on Wednesday was GoPro (NASDAQ:GPRO), with an 18% swing higher on elevated volume. IRobot (NASDAQ:IRBT) also had an outsized gain of 13.7%.
The focus on meme stocks and names with a high percentage of short interest started with Beyond Meat (NASDAQ:BYND) earlier in the week. Beyond Meat (NASDAQ:BYND) showed a gain of 86% at 10:15 a.m. and is swapping hands at a 52-week high level. Meanwhile, an under-the-radar name, reAlpha Tech Corp. (NASDAQ:AIRE), rallied 57% amid a higher level of social media mentions than typical.
Short interest on Krispy Kreme (DNUT) is 15% of the total float, while iRobot (NASDAQ:IRBT) has a short interest position of 26.2%, and shorts hold 12% of GoPro’s (NASDAQ:GPRO) shares. Short interest on BYND was 51.6% of the total float, although that figure may be lower now after the recent squeeze action. reAlpha Tech Corp. (NASDAQ:AIRE) has a short interest position of 17.5% of the total float.
The godfather of meme stock, GameStop (NYSE:GME), is up only 1.8% on volume of 1.5 million shares.