Tuesday's Early Meme Stock Action Sees Clover Health Tumbling, AMC Higher and More

Investing

Published: July 6, 2021 10:05 am

The broad markets saw a somewhat mixed start to the week, with the Dow Jones industrials and S&P 500 sliding lower while the Nasdaq was relatively flat. After the positive economic numbers that closed out last week, investors seem to be confident that markets can push higher.

For the most part, meme stocks were fairly positive to start out the week, and tech trade is in full swing.

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 WallStreetBets community often has targeted companies that are heavily shorted, crowding that trade and forcing a short squeeze. While these companies were the first round of Reddit 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.

GameStop was up marginally on Tuesday after the firm announced that it would be expanding a fulfillment center in Reno, Nevada. The stock was last seen up slightly at $203.45, in a 52-week range of $3.77 to $483.00. The consensus analyst price target is $83.33.

International Business Machines Corp. (NYSE: IBM) stock dipped to start out the week after it was announced its President James Whitehurst would be stepping down. The stock was down as much as 1% at $138.71, in a 52-week range of $105.92 to $152.84.

AMC shares were pushing higher after it was announced that the company would be abandoning the plan to seek approval for issuing more shares. AMC stock was up about 4% at $54.15, with a 52-week range of $1.91 to $72.62.

Advanced Micro Devices Inc. (NASDAQ: AMD) was the fourth most mentioned stock on Reddit on Tuesday morning. Shares were only up marginally at $94.80, in a 52-week range of $52.07 to $99.23.

Virgin Galactic Holdings Inc. (NYSE: SPCE) stock has made an impressive run recently, as the company is getting closer and closer to its goal of commercial space travel. The share price was up about 1% at $45.32, in a 52-week range of $14.27 to $62.80.

Atossa Therapeutics Inc. (NASDAQ: ATOS) was one of the meme stock losers on Tuesday, cutting its slide from late June. The stock has nearly been halved since its highs on June 25. The stock was down over 1% at $5.28, in a 52-week range of $0.81 to $9.80.

Tesla Inc. (NASDAQ: TSLA) was another favorite taking some heat on Tuesday, as shares were down as much as 2% at $665.78, in a 52-week range of $262.27 to $900.40.

Perhaps the worst-performing meme stock was Clover Health Investments Corp. (NASDAQ: CLOV), which saw shares drop as much as 14% at $10.20, with a 52-week range of $6.31 to $28.85.

24/7 Wall St.
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