Investing

Midday Meme Stock Report for 8/23: AMC, BlackBerry, Canoo, Meta Materials

Paul Ausick

Published: August 23, 2021 1:17 pm

The U.S. Food and Drug Administration on Monday gave the Pfizer-BioNTech COVID-19 its full approval. More than any other Monday headline, this one raises hopes for more economic growth because there were people unwilling to get vaccinated with a drug only approved for emergency use.

AMC Entertainment Holdings Inc. (NYSE: AMC) is likely to have gotten a share price jolt on Monday thanks to a second strong box-office showing for “Free Guy,” an only-in-theaters release that has so far raked in more than $58 million dollars. The better news for AMC is that the second-week drop was smaller than expected and the film is among those for which AMC has a 45-day theater-only window. If you want to see this movie, you need to go to a theater.

Just over a week ago, EV maker Canoo Inc. (NASDAQ: GOEV) released a disappointing quarterly report, and the shares dipped by did not slide. As of midday Monday, the stock had recovered all the loss and more, even in the absence of any news. You can’t get any meme-ier than that.

BlackBerry Ltd (NYSE: BB) was beginning to get a bit more notice among the r/wallstreetbets crowd Monday following a report that equity research firm Canaccord Genuity raised its rating on the company from Sell to Hold and maintained a $10 price target on the stock. The firm’s Michael Walkley likes the company’s cybersecurity business. Most of the chatter on r/wallstreetbets is how to get a museum-quality BlackBerry phone to reboot.

Meta Materials Inc. (NASDAQ: MMAT) recovered a bit Monday from a post-IPO low set last week to trade above $3.00 again. That’s still off a July high above $7 a share and a June high near $20, just days before the reverse merger that created Meta was completed. The trajectory is not the one investors had hoped for, obviously, but does Monday mark a turnaround or is it just an anomaly?

AMC stock traded up about 8% in the noon hour Monday, at $37.15 in a 52-week range of $1.91 to $72.62. The average daily trading volume is around 171 million shares, with 45.4 million already changing hands Monday morning.

BlackBerry shares traded up about 5.6% to $10.16, in a 52-week range of $4.37 to $28.77. The average daily trading volume is almost 42 million shares, and nearly 6 million had traded thus far on the day.

Canoo traded up more than 24% to $7.35, in a 52-week range of $5.75 to $24.90. The average daily trading volume is around 3.8 million shares, and about 5.8 million had traded.

Meta Materials traded up around 18%, at $3.40 in a 52-week range of $0.42 to $21.76. The average daily trading volume is around 25 million shares, and more than 12 million had changed hands.

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