Investing
Midday Meme Stock Report for 8/2: AMC, GameStop, Meta Materials, Naked Brands
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With all three major U.S. stock indexes trading in the green at midday Monday, about half the meme stocks we follow were trading higher, and most price moves were fairly modest.
GameStop Corp. (NYSE: GME) traded lower Monday and that shouldn’t surprise anyone. The stock has dropped about 50% of its value since mid-June. The decline was not a waterfall of selling, but rather a slow drip, drip, drip, that continues to take its toll. Trading volume in GameStop stock has tumbled, and while there is nothing to say that retail investors will turn things around, short interest in GameStop has fallen from its nosebleed levels of January.
AMC Entertainment Holdings Co. (NYSE: AMC) stock likely will continue to suffer a trend similar to GameStop’s, if a bit less devastating. The stock has dropped about 43% since early June. Following a brief period of hopes for better box office receipts early in the summer, receipts have tailed off and there are only a few weeks left until school (or something like it) starts again.
Meta Materials Inc. (NASDAQ: MMAT) has not generated any significant news since its late June reverse merger with Torchlight Energy. The promised special dividend due to holders of Torchlight at the time of the merger has not yet materialized. If it doesn’t, or if it amounts to some trifling sum, there are going to be some really unhappy apes out there.
Naked Brand Group Inc. (NASDAQ: NAKD) represents the other side of Monday’s trading action. The shares put up a decent gain, but not nearly enough to recover the loss of two-thirds of their value since late January. The share-price decline since a recent high in early June is about 20%, even including Monday’s upward move.
Naked Brand Group shares traded up about 5.1% in the noon hour Monday to $0.56. The 52-week range is $0.07 to $3.40. The average daily trading volume is around 68.5 million shares, and 28 million had changed hands so far on the day.
Shares of Meta Materials traded down about 2.9%, at $3.40 in a 52-week range of $0.42 to $21.76. The average daily trading volume is around 22.5 million shares, and about 8 million had traded thus far.
AMC was down about 2.6% to $36.06 a share in the noon hour Monday. The 52-week range is $1.91 to $72.62. The average daily trading volume is 175 million shares, and about 40 million have been traded so far today.
GameStop traded down about 2.3% to $157.46, in a 52-week range of $4.00 to $483.00. The average daily trading volume is around 6 million shares, and 1.6 million had through Monday’s lunch break. On January 22, trading volume in GameStop shares jumped from 56 million on January 21 to 197 million.
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