Investing
Midday Meme Stock Report for 8/24: Canoo, GameStop, Naked Brands, Robinhood
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As a group, meme stocks were tracking the overall market higher at the noon hour Tuesday. Unusually, there seems to be some news behind the share price moves.
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Naked Brand Group Ltd. (NASDAQ: NAKD) stock rose about 10% last Friday, traded mostly flat on Monday and was up by more than 14% at noon Tuesday. Last Friday, the CEO said the company had reached a preliminary agreement on a potential acquisition. The halo effect apparently continues to glow.
Robinhood Markets Inc. (NASDAQ: HOOD) got a slew of analyst calls on Monday, the day the official quiet period on the stock ended. The shares rose by more than 5% on Monday and had moved up by more than that so far Tuesday.
Meme favorite GameStop Corp. (NYSE: GME) had no news, but then it rarely does. In any event, the stock was rising again after putting up a 3.5% gain on Monday. Perhaps the overall movement toward equities is driving the price up. It is as good a reason as any other.
Canoo Inc. (NASDAQ: GOEV) jumped more than 30% on Monday on unusually heavy volume. One explanation is that retail investors were revving up a short squeeze. If so, the squeeze had lost its grip by Tuesday noon.
Canoo traded down more than 8%, at $7.16 in a 52-week range of $5.75 to $24.90. The average daily trading volume is around 4 million shares, and about 4.7 million already had traded on Tuesday.
GameStop traded up about 5.3% to $173.60, in a 52-week range of $4.88 to $483.00. The average daily trading volume is about 5.4 million shares, and about 1.8 million had traded so far on the day.
Robinhood was up more than 5.5% to $47.83, in a post-IPO range of $33.25 to $85.00. The average daily trading volume is around 43 million, and about 10.2 million shares had changed hands thus far.
Naked Brands was up about 16% to $0.64 in the noon hour Tuesday. The stock’s 52-week range is $0.07 to $3.40, and the average daily volume is around 59.2 million shares. Nearly 90 million had traded by the end of Tuesday’s noon hour.
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