Investing
Meme Stock Movers for 10/4: Aterian, Camber Energy, IonQ, Tesla
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Following a rocky start Friday, the three major U.S. stock indexes closed the day with gains of around 1%. The good news reversed in Monday’s premarket session, with all three trading down less than half a point. Over the weekend, President Biden said that there will be no vote on the infrastructure deal without a deal on the larger reconciliation package. House Speaker Nancy Pelosi wants the infrastructure bill to pass by October 31, a month later than originally planned.
On the meme stock front, losers outnumbered winners on Friday. Among the big losers was Camber Energy Inc. (NYSEAMERICAN: CEI), which closed down nearly 15%. The stock traded down another 5.5% in Monday’s premarket at $3.07, roughly at its level last Monday. There has been no news on the stock, but Fintel reports that short interest in the stock is near 42% and Camber is among the 10 stocks most likely to see a short squeeze this week.
On a slightly different note, a quantum computing hardware maker, IonQ Inc. (NYSE: IONQ) made its debut through a SPAC merger as a publicly traded company last Friday, and the shares dropped 11.5% to close at $9.20. Shares traded higher by about 2.7% Monday morning. IonQ is the first pure-play quantum computer maker to come public. Arqit Quantum Inc. (NASDAQ: ARQQ), a quantum computing software maker, came public in early September, and after jumping to a post-IPO high of $42.52 closed Friday at $18.30. Shares traded up about 3.5% in Monday’s premarket at $18.95. For more details on IonQ’s hardware, Fast Company has an informative article on what the company does and how it makes money.
Short interest in Aterian Inc. (NASDAQ: ATER) is nearly 42%, according to Fintel data reported Monday. Just 90,000 short shares are available for purchase, and the current borrow fee on those shares is nearly 81%. Aterian stock has added about 30% over the past month, as retail investors have sought to squeeze short sellers.
Tesla Inc. (NASDAQ: TSLA) always generates a lot of chatter on social media, and Monday was no exception. It garnered the most discussion on Reddit in the morning, after reporting its third-quarter deliveries on Saturday. The company reported deliveries of 241,300 vehicles in the quarter and production of 237,823. Deliveries and production exceeded analysts’ estimates by 10,000 to 15,000 units. Better-than-expected numbers pushed shares up about 3% in Monday’s premarket to around $799. Tesla stock has not closed above that level since mid-February.
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