Roundhill Meme Stock ETF (NYSEARCA:MEME) Stock Jumps 2% – Time to Buy?

Roundhill Meme Stock ETF (NYSEARCA:MEME) shot up 2% during mid-day trading on Tuesday. The company traded as high as $8.84 and last traded at $8.83. 67,447 shares traded hands during trading, a decline of 66% from the average session volume of 197,262 shares. The stock had previously closed at $8.66.

Roundhill Meme Stock ETF Stock Performance

The firm has a market capitalization of $15.75 million, a price-to-earnings ratio of -185.15 and a beta of 6.14. The company has a 50-day moving average price of $7.79 and a 200-day moving average price of $8.36.

Hedge Funds Weigh In On Roundhill Meme Stock ETF

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

Roundhill Meme Stock ETF Company Profile

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.