Meme stocks have been gaining traction for some time now. Weber Inc. Outdoor Grill Company (NYSE: WEBR), which went public in August 2021, offers accessories, gas grills and consumables. It has no company-specific news, but investors are jumping over WEBR stock because it’s the stock with the highest short interest in the market at 58%, according to MarketWatch.
The stock jumped more than 10% at the close on Wednesday and was up another 5.1% in premarket trading when last checked, in anticipation of a short-term squeeze on the stock by investors.
Website visit data reflects an upward trend
Using the website traffic tool, an upward trend was identified. Over the past three months, the total number of visits to weber.com has shown an upward trend, globally, representing a significant jump of 42.2%, 32.03% and 16.52% in March, April and May, respectively, on a sequential basis. .
The increase in website visits could be due to a variety of factors, including the growing popularity of the Company’s products and a subsequent increase in customer demand.
The Taking of Wall Street
Overall, the stock has a consensus Hold rating based on 6 unanimous Holds. That’s after a 27.48% decline in Weber’s stock price over the past six months. The average Weber price target of $7.70 implies a downside potential of 10.78% from current levels.
Weber scores 5 out of 10 on TipRanks’ Smart Score, indicating the stock is likely to perform in line with market averages.
With a diversified product portfolio and strong outlook for the year, Weber is gaining popularity. Nonetheless, a cautious approach to investing and being alert to website trends, as shown by TipRanks website traffic tool, could guide a prudent investment decision.
Read full disclosure