New All-Time Highs in Nasdaq and S&P 500: What This Means For Meme Stocks

Investing

Published: June 24, 2021 10:10 am

Last Updated: June 28, 2021 10:38 am

The broad markets saw another push higher on Thursday with the S&P 500 and Nasdaq setting new all-time highs in the session. The rally this week has been led in large part by tech stocks, but it has come at the expense of value stocks. While the rotation trade has been a big factor as of recent, meme stocks have been a market force throughout this time.

For the most part, meme stocks were relatively muted on Thursday morning with no real breakouts in the group. At the same time, none were taking any serious losses on the day as well.

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) 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.

Torchlight Energy Resources Inc. (NASDAQ: TRCH) shares started out Thursday the best out of the group, up about 6% at $5.21 a piece. The 52-week range is $0.21 to $10.88.

GameStop holders saw a solid gain on the day as well with shares up about 3% at $226.24. The 52-week range is $3.77 to $483.00. On the other side of the trade, AMC shares were down about 1.5% to $57.34, within the 52-week range of $1.91 to $72.62.

A couple of the health care meme stocks saw handy gains as well. Clover Health Investments, Corp. (NASDAQ: CLOV) shares were up about 3.5% to $14.32, with a 52-week range of $6.31 to $28.85. Separately, CRISPR Therapeutics AG (NASDAQ: CRSP) stock was pushing about 3.6% higher to $135.37, with a 52-week range of $68.85 to $220.20.

Senseonics Holdings, Inc. (NYSE: SENS) shares were up slightly, nearly 3%, at $3.69, with a 52-week range of $0.35 to $5.56. The consensus price target for the stock is $2.33.

ContextLogic Inc. (NASDAQ: WISH) was the worst day out of the group with shares down closer to 3% to $13.22. The 52-week range for the stock is $7.52 to $32.85, and the consensus price target is $18.44.

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