It has now been over a year since the meme stock mania gripped Wall Street. Like many other manias, the meme stock mania seems to have died a natural death even though there was a dead cat bounce in meme stocks in March 2022. Recently, a meme stock by the name “LMNOP” has been getting popular on social media groups and its memes are literally everywhere. What’s LMNOP stock and why is it trending on Twitter and other social media platforms? Should you buy the stock?
There isn't a set definition for meme stocks. However, they see wild price swings that are accompanied by a rise in trading volumes. These stocks are also popular on social media channels like Reddit, Twitter, and Stocktwits. Reddit group WallStreetBets rose to fame in 2021 after it triggered an epic short squeeze in names like AMC Entertainment and GameStop.
LMNOP stock has taken over social media.
LMNOP stock has been trending on Twitter. Traders are talking about a possible short squeeze in the stock and taking the stock to the moon. If you're well versed with WallStreetBets lingo, you wouldn't be surprised at these terms. After all, short squeeze and “taking to the moon” are the usual tactics of WallStreetBets.
There isn't any LMNOP stock.
While the modus operandi in LMNOP stock is similar to any other meme stock, there's one catch. It's a prank and there isn't any stock by the name LMNOP. It isn't hard to figure out that LMNOP isn't a real stock. You can't find the stock on a Google search or on Yahoo! Finance.
Also, the ticker looks odd — it's five letters that are in alphabetical order. Usually, companies have tickers that start with their company name or are reflective of the company’s core business.
In most cases, stock tickers are only one, two, three, or four letters. Tickers can have five letters, but the fifth letter is used to describe the type of security. These identifiers extend from A to Z and “P” describes the first preferred share issue by the company.
Preferred stocks are a hybrid of equity and debt. Preferred stockholders get a fixed dividend, unlike common stock where the dividend is variable and decided by the management each quarter.
What’s the origin of the LMNOP meme?
Know Your Meme describes the origin of the LMNOP meme, which first surfaced in September 2019 on Reddit. Reddit users use the meme to signal whether something is moving faster or slower.
Where to buy LMNOP stock?
Since there isn't any stock with the ticker symbol LMNOP, you can't buy the stock. Even considering what’s been going around in the meme stock fest, it would be surprising if any company actually takes the ticker "LMNOP."
If you have been pranked with the LMNOP memes or social media posts, you can take some heart from the fact that you aren't alone. Some of the users even tried searching for options on the stock. But then, when there isn't any stock by the name LMNOP, there aren't any derivatives either.