Can this Forgotten Meme Stock Return to the Moon? ($NOK)

July 14, 2021

Can this Forgotten Meme Stock Return to the Moon? ($NOK)

GameStop ($GME) changed everything when the reddit-driven stock soared to unthinkable levels earlier this year, and AMC ($AMC) has since proved that it wasn’t a singular phenomenon…Can the apes on r/Wallstreetbets send a 3rd stock to the moon?

The heavily-shorted communications service provider, Nokia ($NOK), received unprecedented volume during the initial January squeeze event – The day before GME hit its ATH, NOK shares topped out at a modest +145% YTD gain before promptly crashing back to earth.

Still, elevated investor chatter clearly shows that WSB hasn’t forgotten about Nokia… Mentions are trending +1054% YTD on a 7-day moving average.

The stock has put on gradual but impressive gains over the past 4 months, an indication that the “diamond hands” investment team is still in play.

It’s likely that the largest shorts have already cleared out of this name, but with the 7-day trendline holding above 200 mentions per day, we can’t count this “meme stock” out as a potential long-term gainer based on hype alone.

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