Midday Meme Stock Report for 9/8: Canoo, Clover Health, Meta Materials, Vinco Ventures

Investing

Published: September 8, 2021 1:15 pm

Last Updated: September 10, 2021 5:27 am

The major market indexes all traded down at the noon hour Wednesday, and only a few meme stocks were beating the pattern. The big mover was a company that filed a preliminary proxy statement in the morning and that has generated more than its usual amount of buzz on Reddit’s WallStreetBets.

Vinco Ventures Inc. (NASDAQ: BBIG) filed a preliminary proxy statement ahead of a planned shareholders meeting on October 14 to vote on the company’s planned merger with Zash Global Media. In connection with that merger (if it is approved) Vinco will spin off a new publicly traded company to be called CrypTyde. Vinco shareholders will receive one share of CrypTyde for each share of Vinco, and that’s generated some discussion of “free money” on social media. We are in wait-and-see mode.

Clover Health Investments Corp. (NASDAQ: CLOV) had a bit of news Wednesday morning. The company announced a partnership with privately held Athenahealth. The only effect on the stock price was a double-digit dip.

Meta Materials Inc. (NASDAQ: MMAT) traded lower in Wednesday’s premarket sank further by the noon hour’s end. The company had no news.

Canoo Inc. (NASDAQ: GOEV) also traded lower in midday trading Wednesday. Nio, a China-based competitor, announced an at-the-market offering of up to $2 billion in new shares in the morning and that may be weighing on other EV makers.

Shares of Vinco Ventures traded up about 17% to $11.32, in a 52-week range of $1.11 to $12.49. The high was posted about halfway through the noon hour. Nearly 240 million shares had traded so far on the day, compared to the daily average of around 34 million.

Clover Health traded down about 13%, at $9.42 in a 52-week range of $6.31 to $28.85. The average daily trading volume is around 58.2 million shares, and almost 62 million had traded on Wednesday.

Meta Materials was down more than 7% to $5.07, in a 52-week range of $0.42 to $21.76. The average daily trading volume is nearly 30 million, and about 13.9 million had traded.

Canoo traded down about 6.3% to $7.30. Its 52-week range is $5.75 to $24.90. The average daily trading volume is about 4 million shares, and about 1.7 million had changed hands on last look.

ALSO READ: 4 Outstanding Stocks to Buy Now as Delta Variant Cases Begin to Wane

The Average American Is Losing Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.

Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.

But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.