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What happened to other meme stocks? A look at the post-mania world

The term meme stocks took the world by storm in early 2021, symbolizing the power of retail investors to shake up financial markets.

These stocks, propelled by social media platforms like Reddit’s r/WallStreetBets, were often companies facing dire circumstances or teetering on the edge of irrelevance, such as GameStop and AMC Entertainment.

Yet, thanks to retail investors’ enthusiasm and collective action, these stocks experienced astronomical price increases.

However, while GameStop and AMC remain the poster children of the meme stock phenomenon, they weren’t the only companies swept up in the frenzy. Many other stocks experienced wild surges as retail traders identified undervalued, short-sold, or simply nostalgic brands to rally behind.

This article delves into the fate of these other meme stocks, examining how they fared post-mania and what their stories reveal about market behavior and the staying power of retail-driven movements.

The Rise of Meme Stocks: A Brief Recap

In January 2021, a confluence of events led to a seismic shift in the stock market:

Retail Investor Momentum: Fueled by a desire to disrupt institutional short-sellers and armed with stimulus checks, retail traders banded together.
Social Media Amplification: Platforms like Reddit, Discord, and Twitter served as the breeding ground for discussions about undervalued or heavily shorted stocks.
Accessible Trading Platforms: Apps like Robinhood and Webull lowered barriers to entry for investing, allowing everyday individuals to participate in trading.
A David vs. Goliath Narrative: The idea of retail investors “sticking it to Wall Street” inspired many to participate, creating a movement that was as much about cultural rebellion as it was about financial gain.

While GameStop and AMC led the charge, other stocks—often nicknamed the “meme stock cohort”—were drawn into the frenzy. Companies like BlackBerry, Nokia, Bed Bath & Beyond, and Sundial Growers saw their stock prices spike dramatically, despite shaky fundamentals.

Where Are the Meme Stocks Now?

1. BlackBerry (BB)

What Happened: Once a titan in the smartphone industry, BlackBerry shifted its focus to cybersecurity and enterprise software. Despite this pivot, the company struggled to regain relevance in the tech world. During the meme stock surge, BlackBerry’s shares skyrocketed from $6 to over $25 in January 2021.

Post-Mania Performance:
After the initial surge, BlackBerry’s stock gradually declined, as the hype waned and attention shifted to other stocks. The company has since struggled with slower-than-expected growth in its software business. As of 2024, BlackBerry’s share price hovers around $5-$6, reflecting a lack of sustained investor confidence despite the brief spotlight.

Takeaway: BlackBerry’s case highlights how meme stock surges can temporarily inflate stock prices but fail to create lasting value when fundamentals are weak.

2. Bed Bath & Beyond (BBBY)

What Happened: The once-prominent home goods retailer faced declining sales and mounting debt. It became a favorite among retail investors for its high short interest, causing its stock to jump from under $5 to over $35 during the 2021 frenzy.

Post-Mania Performance:
Despite multiple attempts to turn the company around, including leadership changes and restructuring plans, Bed Bath & Beyond filed for bankruptcy in 2023. Its stock, once a symbol of retail investor defiance, became a cautionary tale of over-leveraged companies unable to navigate structural decline.

Takeaway: The BBBY story underscores the risks of rallying around failing businesses. Without a viable business model or clear growth trajectory, even meme-driven momentum couldn’t save it.

3. Nokia (NOK)

What Happened: Similar to BlackBerry, Nokia held nostalgic value for investors as a former leader in the mobile phone market. Its stock surged from $4 to over $9 during the meme stock craze, buoyed by chatter on Reddit and excitement about 5G infrastructure development.

Post-Mania Performance:
Unlike some other meme stocks, Nokia has fared relatively well. The company has stabilized its business around telecommunications and 5G technology, giving it a more solid foundation. While its stock has not returned to meme-era highs, it has performed steadily, trading around $4-$6 in 2024.

Takeaway: Nokia benefited from being a real, viable company with future-facing prospects. While the meme surge was temporary, its business fundamentals have kept it afloat.

4. Sundial Growers (SNDL)

What Happened: Sundial, a Canadian cannabis company, became a darling of the meme stock movement due to its low share price and high short interest. Its stock jumped from under $0.50 to over $3 in early 2021.

Post-Mania Performance:
The cannabis industry has faced significant challenges, including regulatory uncertainty and oversupply. Sundial’s stock has since declined sharply, trading under $1 in 2024. The company has tried to diversify its business, but profitability remains elusive.

Takeaway: Sundial’s rise and fall demonstrate the volatility of meme stocks tied to speculative industries.

5. Other Notable Stocks

Koss Corporation (KOSS): The headphone manufacturer saw its stock surge from $2 to $60 in January 2021. However, the stock quickly declined as the hype faded, and it now trades below $5.
Express (EXPR): The retail chain experienced a meteoric rise during the meme stock frenzy but has struggled to maintain momentum. Its stock now trades at pre-mania levels, reflecting ongoing challenges in the brick-and-mortar retail space.

Why Did Most Meme Stocks Decline?

Several factors contributed to the decline of meme stocks after their initial surge:

Weak Fundamentals: Many meme stocks were struggling businesses with no clear growth strategies or viable long-term prospects.
Profit-Taking by Early Investors: As prices soared, early adopters cashed out, leading to a sell-off that caused steep declines.
Market Realities: Institutional investors regained control as retail enthusiasm waned, restoring traditional valuation metrics.
Regulatory Scrutiny: The Securities and Exchange Commission (SEC) investigated market manipulation and trading halts, cooling enthusiasm.

Lessons from the Meme Stock Era

Retail Power Can Be Fleeting: While retail investors proved their ability to disrupt markets, sustaining momentum is challenging without strong fundamentals.
Short-Term Gains vs. Long-Term Value: The meme stock phenomenon rewarded quick trades but left many retail investors holding the bag as prices plummeted.
The Importance of Due Diligence: Emotional investing and herd mentality often lead to poor outcomes.

The Future of Meme Stocks

The meme stock movement has left an indelible mark on the financial world. While most meme stocks have faded, the episode has empowered retail investors and created a lasting culture of grassroots market engagement.

New platforms and technologies may continue to amplify retail voices, but lasting success will depend on aligning enthusiasm with sound investment principles.

Whether meme stocks are remembered as a market anomaly or a harbinger of retail investor power, their story is a fascinating chapter in financial history.

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