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Furthermore, according to the alternative data provider Quiver Quantitative, the average number of daily comments last month on Reddit’s WallStreetBets forum fell to half of its last year’s number. Also, the number of active users and funded accounts on a few financial platforms that allow investors to invest in stocks saw a dip in the third quarter.
Given this backdrop, we think investors should stay away from fundamentally weak meme stocks, Peloton Interactive, Inc. (PTON) and Zillow Group (NASDAQ:ZG), Inc. (Z), because they declined more than 35% in price last week.
