While Some Meme Stocks Surge, Experts Are Divided whether AMTD Digital is a Meme Stock at All Meme stocks GameStop, Bed Bath & Beyond and AMC Theatres are also soaring.

By Gabrielle Bienasz

Opinions expressed by Entrepreneur contributors are their own.

Another slightly unknown company has ridden a mysterious, massive stock trading price high, but there's division over whether or not it qualifies as a "meme stock," per ABC News on Sunday.

AMTD Digital is a Hong Kong-based digital services firm that debuted on the New York Stock Exchange at $7.80 a share on July 15, Forbes reported.

At its peak on August 2, it was trading at $1,679 a share at market close – a 21425.6% increase.

As of Monday afternoon, though, AMTD has calmed to around $500 a share.

Typically, stocks go up or down based on identifiable news, from a policy proposal to comments by leadership in the press or the numbers presented in earnings calls. Without a definite source here, it looked like a meme stock candidate — but not everyone is so sure, ABC reported.

Citron Research tweeted that AMTD has "not captured the imagination of retail traders" as GameStop did. Citron added that it hasn't had the same trading volume as the original meme stock craze with GameStop.

Retail investors, likely inspired by social media — particularly the Wall Street Bets Reddit group — betted against hedge fund recommendations for GameStop in January 2021, boosting the stock from around $4 a share in early January to around $120 near the end of the month.

And meme stocks aren't going away: WSB discussed another round of meme-stocking for GameStop, Bed Bath & Beyond, and AMC Theatres, which may be already happening: All three are soaring as of Monday, Yahoo Finance reported.

Other analysts saw it differently than Citron. "This is a meme stock in our opinion," considering the relative unknownness of the company compared to its brief sky-high market value, said Dan Ives, tech analyst of Wedbush Securities, told Entrepreneur via text.

"The meme era still has some oxygen," he added.

AMTD, for its part, released a statement on August 2, the day its stock price hit a peak.

"During the period since our initial public offering, the Company noted significant volatility in our ADS price and, also observed some very active trading volume. To our knowledge, there are no material circumstances, events nor other matters relating to our Company's business and operating activities since the IPO date," the company said.

AMTD did not respond to Entrepreneur's request for additional comment.

Gabrielle Bienasz is a staff writer at Entrepreneur. She previously worked at Insider and Inc. Magazine. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Leadership

Lead From the Top: 5 Core Responsibilities of a CEO

Knowing exactly what the chief executive's role entails is critical for steering a company to success.

Side Hustle

This Couple Started a Side Hustle to Improve a 'Terribly Made' Bathroom Essential. Now the Business Earns More Than $3 Million a Year.

Michael Fine and Lisa Schulner-Fine launched lifestyle brand Quiet Town in 2016 and have been growing it ever since.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

What's Open on Easter Sunday? Costco and Target Will Close, But One Major Retailer Will Be Open. Here's What To Know.

The stock market was closed for Good Friday on April 18. Here's what's closed for Easter Sunday, April 20.

Science & Technology

Your Clients Are Using AI to Replace You — Do These 3 Things Before They Do

Harness these three steps to audit, evolve and future-proof your offer before AI replaces you.

Marketing

If You're Using ChatGPT This Way as a Marketer, You're Missing Out on Its Full Potential. Here's How to Maximize Your Results.

The real value of AI isn't in what you ask — it's in how you shape the conversation. Mastering prompt interactions means better content, sharper thinking and fewer generic outputs.