Investing
Midday Meme Stock Report for 8/13: Clover Health, ContextLogic, Robinhood, SoFi
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Share price losses dominated the meme stock price moves at the noon hour Friday. A couple of stocks that reported results on Thursday were leading the drop. Those two also generated the most orders, according to Fidelity’s midday report.
ContextLogic Inc. (NASDAQ: WISH) fell after posting quarterly results Wednesday afternoon that disappointed investors on at least four counts: new app installs, a drop in time spent on the company’s e-commerce site, a 6% drop in revenue and a 10-fold increase in a quarterly net loss.
SoFi Technologies Inc. (NASDAQ: SOFI) also disappointed investors. A per-share loss of $0.48 was eight times worse than expected. While revenue rose 74% year over year and beat estimates by about 8.7%, SoFi’s outlook for third-quarter revenue was below expectations.
Clover Health Investments Corp. (NASDAQ: CLOV) reported quarterly results on Wednesday and shares opened Thursday morning 16% higher. By the end of the day, the gain had been sliced to around 5.5%. As of Friday noon, the gain based on Wednesday’s closing price had been shaved to around 3.2%.
Robinhood Markets Inc. (NASDAQ: HOOD) has seen its stock price drop by about $20 since the closing bell on August 4. Based on the high of $85, the current trading price is down about $35, and that includes the share price improvement in the first half of Friday’s trading session.
ContextLogic traded down about 18%, at $7.72 in a 52-week range of 6.69 to $32.85. That low was posted early Friday morning. The average daily trading volume is around 68 million shares, and 174 million already had traded on Friday.
SoFi shares traded down about 14% to $15.02, in a 52-week range of $11.80 to $28.26. The average daily trading volume on the stock is around 13.6 million, and nearly 44 million shares had traded through the noon hour Friday.
Clover Health was down about 6.8% to $8.40, in a 52-week range of $6.31 to $28.85. The average daily trading volume is about 56.2 million shares, and 27.4 million had changed hands thus far.
Robinhood traded up about 5.3%, at $50.63 in a post-IPO range of $33.25 to $85.00. The average daily trading volume is nearly 60 million shares, and just 16 million had traded.
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