Meme Stocks Make a Comeback

By Chris Lange Published Jun 23, 8:05AM EDT

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Meme Stocks Make a Comeback — © MicroStockHub / Getty Images

The broad markets posted another round of gains on Tuesday, this time with the Nasdaq outpacing the rest of the major averages. Crypto crashed over the weekend and it seems to be bouncing back at the moment. While not all the meme stocks participated in Tuesday’s bounce, there were some massive winners worth noting.

The WallStreetBets 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 | GME Price Prediction) and AMC Entertainment Holdings Inc. (NYSE: AMC). The WSB community has often targeted companies that are heavily shorted, crowding that trade and forcing a short squeeze. While these companies were the first round of WSB targets, the community has 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.

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AMC and Gamestop led the charge on Tuesday with GameStop posting a gain on 10% and AMC closing up around 5%. GameStop’s move was predicated on the fact that the video game retailer said it sold 5 million additional shares, raising $1.13 billion in capital.

Crypto bounced back a little on Tuesday after sliding over the weekend with Bitcoin dropping from near $39,000 to around $32,000. Dogecoin was also getting beaten up, posting around a 33% since last week.

Vertex Energy Inc. (NASDAQ: VTNR) posted a loss of 2%, closing Tuesday at $7.35, within a 52-week range of $0.40 to $10.88. This was one of the worst performing meme stocks on Tuesday, but its poor performance was on low volume. About 2.5 million shares moved on Tuesday, compared with an average of 12.5 million shares.

Sensionics Holdings, Inc. (NYSE: SENS) had one of the best days of the meme stock group. The stock closed up about 8% at $3.48, in a 52-week range of $0.35 to $5.56.

Clover Health Investments, Corp. (NASDAQ: CLOV) is another big winner from Tuesday’s session, with the stock up over 12%, closing Tuesday at $12.63 a share, in a 52-week trading range of $6.31 to $28.85. About 153 million shares moved on the day, compared with the average volume of 49 million.

BlackBerry Ltd. (NYSE: BB) closed Tuesday on a high note, near the highs of the day. The stock closed up nearly 5% at $13.41, in a 52-week range of $4.37 to $28.77. Only 32 million shares moved on the day, versus the average volume of nearly 41 million shares.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.