Investing
Midday Meme Stock Report for 8/25: Support.com, Naked Brands, GameStop, AMC
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Retail investors had a big day on Tuesday. Shares of some of the most popular meme stocks jumped more than 20% on basically no news from or about the companies. We looked at some of yesterday’s big movers earlier this morning, and now we look at how some have fared since markets opened.
Tuesday’s big gainer was GameStop Inc. (NYSE: GME), which put up a share-price gain of nearly 28%. In Wednesday’s premarket session, the shares were trading down about 2%. It may be time to start thinking about what the company will say when it reports second-quarter results, probably during the week following the Labor Day holiday.
AMC Entertainment Holdings Inc. (NYSE: AMC) posted a daily gain of around 20% on Tuesday. Like GameStop, AMC had no news, just a lot of fired-up investors. More than 225 million shares of AMC stock were traded Tuesday.
Support.com Inc. (NASDAQ: SPRT) posted a more modest share price gain Tuesday of 4.5%. In Wednesday’s premarket, however, the stock traded up by nearly 18%. The company’s rising share price could be driven by a pending merger with bitcoin miner Greenidge or by the company’s massive short sales — 67% of the total float of 9.31 million shares. Or both.
Naked Brand Group Ltd. (NASDAQ: NAKD) was the best performing meme stock in the noon hour Wednesday. The stock gained about 13% on Tuesday for no particular reason. The company gets little attention on social media, but its low price and huge volume can attract a lot of action.
As the noon hour drew to a close Wednesday, Naked Brands traded up nearly 11%, at $0.69 in a 52-week range of $0.07 to $3.40. Nearly 75 million shares had traded already on Wednesday, about 25% more than the daily average of 60.6 million.
GameStop was giving back about 10% of Tuesday’s gain, trading down 2.8% to $04.50, in a 52-week range of $4.92 to $483.00. About 10 million shares had traded, nearly double the daily average of around 5.5 million.
AMC added another 2.4% to its share price, trading at $45.33 in a 52-week range of $1.91 to $72.62. More than 151 million shares had changed hands on the day, not far from the daily average of 171.2 million.
Support.com was up about 11% to $12.93 in the noon hour Wednesday. The stock’s 52-week range is $1.62 to $14.72 (the high was posted Tuesday), and Wednesday’s trading volume of nearly 29 million on last look was more than triple the daily average of around 8 million.
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