Corsair Gaming (CRSR) -Get Report shares surged higher Monday as the gaming and content equipment-maker appeared to add its name to the list of meme stock favorites.
Data from theYolosocks.livewebsite, which tracks real-time mentions on stocks within Reddit's r/wallstreetbets chatroom, indicates that Corsair is the second most-discussed stock among users, up from a previous rank of 11, over the past 24 hours and more than 860 mentions.
TheStreet's founder Jim Cramer, however, cautioned that such a steep rise for a fundamentally sound stock like Corsair would likely entice large-scale sellers at these levels.
"Corsair is a company I like very much, because it's basically a souped-up Logitech and Logitech's been a great stock" Cramer told CNBC's Squawk on The Street program. "They have the high-performance equipment you need to dominate in e-sports and I think e-sports are here to stay."
"I don't know why the 'meme' people have a monopoly on whatever they play with," Cramer said. "No Wall Street analyst could move Corsair this much, so for people who've been waiting for the stock to go to $37 and now it's at $41, those people aren't going to turn buyers. They're sellers."
"The meme people think they're hurting the hedge funds, when in fact they're a tool to the hedge funds," Cramer said.
Corsair shares were marked 19.3% higher in early trading Monday to change hands at $38.60 each -- after hitting a session high of $42.97 at the opening bell -- in a move that bumps the stock's year-to-date gain to around 12%.
Last month, Corsair posted first quarter earnings of $80 million on revenues of $529 million thanks to surging growth in its gaming nd peripherals business, which saw sales rise by 132% when compared to last year.
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