The broad markets pulled back on Wednesday after the Federal Reserve gave its outlook on the market. While the Fed might not be hiking rates anytime soon, there’s a path toward that after seeing the inflation that has taken place. Despite this, markets, and tech in particular, fell on Wednesday. Meme stocks seemed to get the worst of it.
The WallStreetBets (WSB) community has been a resounding force in the market since January, causing many investors to reevaluate their positions and institutions to reconsider some of their bearish bets.
Some of the biggest names in play over the past several months have been GameStop Corp. (NYSE: GME) and AMC Entertainment Holdings Inc. (NYSE: AMC). A lot of the targeting by the WSB community has been surrounding companies that are heavily shorted and crowding that trade, in turn forcing a short squeeze. While these companies were the first round of WSB targets, they have expanded from there into more stocks.
Here 24/7 Wall St. takes a quick look at what these stocks are doing and what may be the next targets.
Even Jim Cramer had something to say about these meme stocks, but the ratio on the tweet was not favorable.
Clover Health Investments Corp. (NASDAQ: CLOV) stock closed Wednesday down 6% to $12.95 a share, in a 52-week trading range of $6.31 to $28.85. Only 40 million shares moved on the day, versus an average of 48.3 million.
GameStop was one of the few meme stocks to make it out of the day on a positive note. Diamond hands seem to be a factor here. The stock ended Wednesday up 0.2%, at $222.97 in a 52-week range of $3.77 to $483.00.
Canoo Inc. (NASDAQ: GOEV) suffered some of the most out of the group, with its shares down about 8%, closing at $10.20. The 52-week range is $6.51 to $24.90.
Palantir Technologies Inc. (NYSE: PLTR) was another stock that made it out of Wednesday alive, but it seems to be getting support not just from WSB but from a broader base of investors as well. The stock closed up about 1.6% at $24.80, within a 52-week range of $8.90 to $45.00.
Petco Health and Wellness Co. Inc. (NASDAQ: WOOF) got some of the worst price action on the day, down about 10% closing at $22.85, in a 52-week range of $17.86 to $31.08.
AMC stock closed down about 6.5% to $55.15 a share, in a 52-week range of $1.91 to $72.62. About 165 million shares moved on the day, compared with an average volume of 146.5 million shares.
BlackBerry Ltd. (NYSE: BB) shares dipped about 8% to $12.88, in a 52-week range of $4.37 to $28.77. The average volume for the stock is 39.5 million, but Wednesday about 43.6 million shares changed hands.
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