At first glance, our portfolio of meme stocks does not show a single one trading in the green as of Tuesday’s noon hour. With all the major indexes also trading in the red, it shouldn’t be surprising. But somehow it is.
Chinese EV maker Nio Inc. (NYSE: NIO) was the leading loser in the noon hour. The decline continues to reflect investors’ worries over how the Chinese government will choose to exercise its control of companies trading on non-Chinese exchanges. There is no specific news out on Tuesday, and other China-based EV makers like Li Auto and Xpeng were also trading lower.
Cannabis grower and product marketer Tilray Inc. (NASDAQ: TLRY) was having another tough day. The company reports fiscal fourth-quarter results before markets open Wednesday. Revenue is rising, but the consensus estimates for earnings don’t indicate a profit until sometime after 2023.
AMC Entertainment Holdings Inc. (NYSE: AMC) was giving back the gain it posted on Monday, the stock’s first positive finish in a week. There is not much news, but comments on Reddit’s r/amcstock subgroup are priming the pump for a MOASS (mother of all short squeezes) coming soon to come on AMC shares. Whatever.
PLBY Group Inc. (NASDAQ: PLBY), the anodyne moniker for what used to be Playboy, doesn’t get a lot of attention yet in the r/PLBY subreddit, but the share price hit the stock was taking Tuesday was not adding anything to the stock’s appeal, but may be ginning up some new short interest.
AMC stock traded down about 5.7% at $38.00 in the noon hour Tuesday, in a 52-week range of $1.91 to $72.62. The average daily trading volume is around 174 million shares, and about 36 million had traded so far on the day.
Nio stock traded down about 9.5% to $39.08 in the noon hour Tuesday in a 52-week range of $11.38 to $66.99. The average daily trading volume is around 66 million shares, and more than 74 million had traded so far.
Tilray stock was down about 8% to $12.60. Its 52-week range is $4.41 to $67.00. The average daily trading volume is around 25.6 million shares, and about 16 million had traded.
PLBY stock traded down about 8% to $27.69 in the noon hour Tuesday. The stock’s 52-week range is $9.85 to $63.04. The average daily trading volume is around 2 million shares, and about 500,000 had traded.
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