Roundhill Meme Stock ETF (NYSEARCA:MEME) Stock Price Down 13.3% – Should You Sell?

Roundhill Meme Stock ETF (NYSEARCA:MEME) shares were down 13.3% on Thursday. The company traded as low as $5.00 and last traded at $5.15. Approximately 99,975 shares traded hands during trading, a decline of 44% from the average session volume of 177,157 shares. The stock had previously closed at $5.94.

Roundhill Meme Stock ETF Stock Up 6.8%

The company’s 50-day simple moving average is $7.65 and its 200 day simple moving average is $8.00. The stock has a market capitalization of $9.52 million, a price-to-earnings ratio of -116.38 and a beta of 4.64.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Montanova Capital LLC bought a new position in Roundhill Meme Stock ETF in the 2nd quarter worth $26,755,000. Proficio Capital Partners LLC bought a new stake in Roundhill Meme Stock ETF during the second quarter valued at about $8,735,000. Requisite Capital Management LLC bought a new stake in Roundhill Meme Stock ETF during the second quarter valued at about $181,000. Nwam LLC bought a new stake in Roundhill Meme Stock ETF during the second quarter valued at about $163,000. Finally, Rinkey Investments bought a new stake in Roundhill Meme Stock ETF during the second quarter valued at about $123,000. 29.90% of the stock is currently owned by institutional investors and hedge funds.

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.