Midday Meme Stock Report for 8/17: AMC, Canoo, Meta Materials, Microvast

Investing

Published: August 17, 2021 1:16 pm

Meme stock winners were pretty scarce in Tuesday morning trading. All three major indexes traded in the red by at least 1% in the noon hour, so that the popular meme stocks also were being whacked is not a big surprise.

AMC Entertainment Holdings Inc. (NYSE: AMC) is an exception to the day’s doldrums. The shares put up a nice gain Tuesday morning. They had a boost Monday from a recent survey of moviegoers. The results showed that 79% are not overly concerned with the Delta variant of COVID-19, that 82% are fully vaccinated, 87% have been to a movie theater this year, and the same percentage plan to go again.

Microvast Holdings Inc. (NASDAQ: MVST) was Tuesday’s biggest loser as of noon. The maker of fast-charger systems for electric vehicles (EVs) came public in late July and has garnered little interest from analysts. However, r/wallstreetbets has generated a lot of chatter on the stock, but the quarterly earnings report issued after markets closed Monday disappointed investors.

Canoo Inc. (NASDAQ: GOEV) also traded down in the noon hour Tuesday. The EV maker also released a disappointing quarterly report after markets closed Monday. As a percentage of the company’s total share float, short sellers hold 31% of the stock. This is short squeeze territory.

Meta Materials Inc. (NASDAQ: MMAT) reported second-quarter results last week. Here’s our look at that report. Nothing has changed except the share price.

In the noon hour Tuesday, AMC traded up about 2.7% to $6.61, in a 52-week range of $1.91 to $72.62. The average daily trading volume is around 172.7 million, and about 65 million had traded so far on Tuesday. The daily average volume has been slipping for the past week or so.

Microvast traded down about 13.4%, at $8.96 in a 52-week range of $7.38 to$25.50. The average daily trading volume is about 2.3 million shares, and nearly 3 million had traded on the day.

Canoo was down about 5.2% to $6.22, in a 52-week range of $6.15 to $24.90. The low was posted Tuesday morning. The average daily trading volume is 3.8 million shares, and about 2 million had changed hands.

Meta Materials traded down about 6.2%, at $2.86 in a 52-week range of $0.42 to $21.76. The average daily trading volume is nearly 24 million, and about 9 million had traded.

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