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Robinhood Markets Inc (NASDAQ:HOOD) shares are trading higher Tuesday. The return of GameStop Corp (NYSE:GME) trader “Roaring Kitty” could potentially drive increased trading activity on the Robinhood platform.
What To Know: Meme stock mania is back. Heavily shorted stocks are rallying Tuesday as traders target high short interest names.
The mania on Wall Street this week can be traced back to a social media post from Keith Gill, best known as “Roaring Kitty” on YouTube and X or “DeepF***ingValue” on Reddit. Following a three-year absence from social media, Gill took to X over the weekend, posting a meme of a person leaning forward in a chair, which sparked a rally in GameStop stock and several other heavily shorted names.
The increased volatility in stocks that are popular among retail bodes well for Robinhood. Robinhood is mainly used by retail traders and investors. Additionally, the return of Gill is likely to bring more retail traders back into the market.
Check out Benzinga Pro for more information on heavily shorted stocks that are popular among retail. You can also look at Benzinga's Stock Whisper Index, which tracks stocks that investors secretly monitor, but are not talking about yet.
HOOD Price Action: Robinhood shares were up 5.71% at $17.85 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
