Both the S&P 500 and Nasdaq Composite managed to put up new record highs on Wednesday, but speculative investments didn’t get a lot of love. The financial, energy and industrial sectors posted the best daily gains, while the tech sector ended up down slightly for the day. The major indexes were hugging the break-even line in premarket trading Thursday.
That doesn’t mean that there weren’t some decent-sized moves among the meme stocks. Here’s a look at five stocks that made big moves Wednesday or appear to be setting up for a big move Thursday.
Support.com Inc. (NASDAQ: SPRT) posted another double-digit percentage increase on Wednesday, gaining 19.6% to add to a gain of almost 26% on Monday and 4.5% on Tuesday. Trading volume was a bit lighter than Wednesday’s 80 million, racking up just 50.7 million shares traded. The stock didn’t attract much attention on social media either. The stock set another 52-week high, at $15.05 but closed at $13.96. In premarket trading on Thursday, shares traded up less than 1%.
Naked Brand Group Ltd. (NASDAQ: NAKD) was the best performing meme stock at midday Wednesday, trading up about 13%. The shares closed up nearly 10.5% Wednesday at $0.69, after trading more than 103 million shares. Penny stocks can be quite volatile, eh? The stock also gets little in the way of mentions on social media. But don’t count the stock out for Thursday, as shares were up nearly 6% at $0.73 in the premarket session.
GameStop Corp. (NYSE: GME) went from being the hottest meme stock in our watchlist on Tuesday to the coldest on Wednesday. The good news is that Tuesday’s gain of 27.5% was only partially returned by Wednesday’s loss of just over 5%. GameStop did say Wednesday that it will report second-quarter earnings for the 2021 fiscal year on Wednesday, September 8, after markets close. The stock was the most-talked-about on social media, although the total number of mentions fell by more than 60% compared to Tuesday’s total. The stock was trading up less than 1% in Thursday’s premarket at $200.89.
Palantir Technologies Inc. (NYSE: PLTR) closed down 2.99% on Wednesday following a report in the New York Post that a “glitch in a secretive software program used by the FBI allowed some unauthorized employees to access private data for more than a year.” The company’s social media volume was the fourth-highest of any stock, according to HypeEquity. Palantir stock is held by all six of Cathie Wood’s ARK ETFs and that adds up to a total holding of about 37.3 million shares as of the most recent close. ARK Invest did not report any changes Wednesday to its positions in Palantir stock. The stock closed at $24.35 on Wednesday and was up less than 1% in Thursday’s premarket.
DraftKings Inc. (NASDAQ: DKNG) jumped nearly 6.5% on Wednesday. The company had no significant news on the day other than that Cathie Wood bought another $60 million worth of DraftKings’ stock on Tuesday. Three ARK Invest ETFs now own more than 15 million shares of the company’s stock, worth about $904 million at the latest closing price. Social media mentions were up Wednesday but to a relatively small total. The stock traded up less than 1% in Thursday’s premarket at around $60.15.
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