Midday Meme Stock Report for 10/12: Camber Energy, Lordstown, SoFi, Vinco Ventures

Investing

Published: October 12, 2021 1:16 pm

The major stock indexes made a move higher as the noon hour began on Tuesday, but the move didn’t have legs. Sort of like Monday’s action. There’s not been much in the way of new news: 10-year Treasury yields are flat at 1.60%, crude oil is up only slightly after hitting an intra-day high of around $81.50 earlier in the morning, and the first major earnings reports for the September quarter are on the calendar for Wednesday morning. Minutes of the Federal Reserve’s FOMC September meeting will be released Wednesday as well, and it will be pored over in search of clues about what will happen with asset purchases and interest rates at the November meeting.

Our basket of meme stocks was having the same sort of so-so Tuesday with a couple of exceptions. Vinco Ventures Inc. (NASDAQ: BBIG) traded up sharply in the noon hour on no specific news. Last week, the company and its merger partner Zash Global Media announced that their current joint venture, ZVV Media Partners, signed a binding agreement to acquire AdRizer for $108 million. The acquisition will be integrated with ZVV’s Lomotif ad platform. ZVV will pay $25 million in cash and the remaining $83 million in Zash common stock. Once the deal closes, there is a two-year lockup period on the common stock.

Lordstown Motors Corp. (NASDAQ: RIDE) traded higher by nearly 9%. Some of that had been given back as of noon, but the bulk of it remains. The electric truck maker had no specific news. Two weeks ago, the company said it sold its Ohio assembly plant to Foxconn for a reported $230 million. Within days, Morgan Stanley auto industry analyst Adam Jonas cut his rating on Lordstown from Hold to Sell and dropped his price target on the stock from $8 to $2. The deal still has support among some Reddit commenters.

Camber Energy Inc. (NYSEAMERICAN: CEI) was Tuesday’s biggest loser so far by a wide margin. The oil and gas exploration and production company had no specific news, but the stock is still smarting from the brutal short seller report released last week from Kerrisdale Capital.

SoFi Technologies Inc. (NASDAQ: SOFI) traded up more than 13% at one point in Tuesday’s premarket session. As the noon hour drew to a close, that gain had been pared down to a mere shadow of its former self. The company had no specific news Tuesday.

Vinco Ventures traded up more than 20% to $6.43 at noon Tuesday, in a 52-week range of $1.11 to $12.49. The average daily trading volume is nearly 50 million shares, and about 39.6 million already had been traded on the day.

Lordstown held on to a gain of around 6.3% as of noon Tuesday, to trade at $5.08. The stock’s 52-week range is $4.76 to $31.57, and the average daily trading volume is around 11.5 million shares. About half that number had been traded thus far on Tuesday.

Shares of Camber Energy dropped about 4.7% on Monday and traded down more than 13% in the noon hour Tuesday. The stock’s 52-week range is $0.33 to $4.58. The high was posted less than two weeks ago. The average daily trading volume is around 172 million shares, and more than 127 million had been traded on Tuesday.

SoFi traded up about 1.6% as the noon hour was ending Tuesday, at $18.69 in a 52-week range of $11.80 to $28.26. The average daily trading volume of around 21.7 million already had been exceeded by nearly 10 million shares.