Midday Meme Stock Report for 8/4: AMC, ContextLogic, Robinhood, SoFi

Investing

Published: August 4, 2021 1:14 pm

Last Updated: August 5, 2021 8:50 am

The big winner among meme stocks at noon Wednesday is the same as Tuesday’s winner. Only bigger. Just before noon, shares of Robinhood Markets Inc. (NASDAQ: HOOD) were the most heavily traded shares on U.S. exchanges, according to data from Fidelity. Buyers had placed 58% of the trade orders.

Of course, there’s no news moving Robinhood’s stock. It’s just that investors finally have decided to go all-in on the shares. The post-IPO price has nearly doubled in the last 24 hours, and the markets were closed for most of those hours.

SoFi Technologies Inc. (NASDAQ: SOFI) is scheduled to post quarterly earnings next week, and investors appear determined to boost the stock’s price ahead of the August 12 report. According to Fidelity data, 56% of Wednesday morning’s trade orders were buys. The past couple of trading days have generated some “buy-the-dip” action, for the third time in the past three weeks.

AMC Entertainment Holdings Inc. (NYSE: AMC) cannot seem to stop its two-month slide. The stock has dropped more than 50% since early June. The interesting thing about Wednesday’s action is that 70% of orders on Fidelity are buy orders. As the share price goes down, demand for the shares rises, but not fast enough or far enough.

ContextLogic Inc. (NASDAQ: WISH) also traded lower in the noon hour Wednesday. While the company’s share price slide has not been as long and steep as AMC’s (and has even improved somewhat since June 1), the picture it paints is still ugly.

Robinhood traded up nearly 38% to $64.58, in a post-IPO range of $33.25 to $85.00. Since coming public, the stock has traded about 63 million shares a day. More than 113 million had changed hands already on Wednesday.

SoFi traded up about 8.1% to $16.33 in the noon hour, in a 52-week range of $11.80 to $28.26. The average daily trading volume is nearly 12 million shares, and about 19 million had traded thus far on Wednesday.

AMC traded down about 8.5%, at $30.75 in a 52-week range of $1.91 to $72.62. The average daily trading volume is 173.7 million shares, and about 61 million had traded.

ContextLogic traded down about 5.5%, at $9.73 in a 52-week range of $7.52 to $32.85. The average daily trading volume is 65.2 million shares. About 25 million shares had traded in the first half of Wednesday’s session.

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