Midday Meme Stock Report for 9/14: Aterian, Camber Energy, Support.com, Vinco Ventures

Investing

Published: September 14, 2021 1:04 pm

As the noon hour drew to a close Tuesday, attention turned to Apple and its product announcement event set to begin at 4:00 p.m. ET (1:00 p.m. PT). Expectations are pretty well set, and unless the company reports something unexpected (in either direction) the share price shouldn’t move much in after-hours trading.

There were some meme stocks making large moves at midday, none bigger than Support.com Inc. (NASDAQ: SPRT). Following last week’s vote to approve the merger with privately held Greenidge Generation, the transaction was to close on Tuesday, and Support.com disappears at Tuesday’s closing bell and reappears Wednesday morning with a new name and a new Nasdaq ticker symbol: GREE.

The transaction includes a reverse stock split of approximately one new share for every 8.5 shares of Support.com stock. The official exchange rate is 0.115 shares of new stock for each existing share of Support.com. Fractional shares will be redeemed in cash.

Support.com shares have dropped by about 50% since last Thursday, although they still trade at more than double their price on August 3. Is it profit-taking or is bitcoin mining no longer a big draw? Stay tuned.

Another heavily traded stock, especially in the past couple of weeks, is Aterian Inc. (NASDAQ: ATER). More than 242 million shares were traded on Monday, and the stock posted a gain of 52% to close near $18. The stock was on its way to giving all that back Tuesday. These wild moves appear to be the now-classic meme-stock short squeeze followed by some profit-taking.

Vinco Ventures Inc. (NASDAQ: BBIG) had posted a share price gain of nearly 400% between August 19 and September 9. The stock had lost 25% of that jump as of the noon hour Tuesday. Around 26% of the company’s total float is sold short, nearly a third higher than the short interest in mid-August. The borrow fee for short shares is nearly 150%. With short interest demand so high, selling the stock is not a bad move right now. Who knows what will happen tomorrow? For that matter, who knows what will happen Tuesday afternoon?

Camber Energy Inc. (NYSEAMERICAN: CEI) has put Monday’s 8.5% drop behind it and recommenced trading higher. In the noon hour Tuesday, the stock traded near a recent high and appeared to be on its way toward running past it. Prices are not likely to approach the stock’s 52-week high because FOMO can only do so much heavy lifting.

As the noon hour ended, Support.com stock traded down about 27.5%, at $13.84 in a 52-week range of $1.62 to $59.69. More than 26 million shares had been exchanged, well above the daily average of around 17.8 million.

Aterian was down nearly 36% to $11.60, in a 52-week range of $3.04 to $48.99. More than 64 million shares have had traded on the day, compared to an average volume of around 12 million.

Vinco Ventures traded down about 12%, at $8.45 in a 52-week range of $1.11 to $12.49. The average daily trading volume is around 42 million shares, and nearly 49 million had traded.

Camber Energy traded up about 10% to $1.53, in a 52-week range of $0.33 to $3.10. Nearly 117 million shares had traded on the day, compared to an average of about 43.4 million.