Investing
Meme Stock Movers for 10/15: Camber Energy, LM Funding, Vinco Ventures, Virgin Galactic
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Major U.S. stock indexes closed higher on Thursday as every market sector finished the day in the green. The materials sector led the way with a gain of 2.4%. Included among the winners were hydrogen stocks we covered last week and a lithium miner we wrote about on Thursday. Friday’s premarket trading nudged equities higher. The 10-year Treasury yields were up about three basis points and crude traded up about 1% at just over $82 a barrel.
The big mover in markets Thursday was — wait for it — Bitcoin. The oldest cryptocurrency has inched its way back to within a hair of $60,000, based on a belief that the U.S. Securities and Exchange Commission (SEC) could bless the first Bitcoin ETF next week. Bitcoin-mining stocks, most of which closed lower Thursday, were up nicely Friday morning, with Bit Digital Inc. (NASDAQ: BTBT) up about 6% at $11.34, leading the pack.
A recent entrant in the bitcoin-mining industry is LM Funding America Inc. (NASDAQ: LMFA), which was up by nearly 50% Friday morning to $5.08. In an SEC filing last week, LM Funding reported that it has agreed to purchase more than 4,000 bitcoin-mining machines, along with 18 40-foot modified cargo containers to house them, and it also has signed hosting and power purchase agreements to support the company’s excursion into crypto mining. LM Funding’s primary business is buying bad debts from homeowners’ associations and then collecting the debts.
Friday’s big loser in the premarket session was Virgin Galactic Holdings Inc. (NYSE: SPCE), which traded down about 15%. The space tourism company said that it is suspending more commercial flights until the fourth quarter of next year as it begins its “planned enhancement program” for its spacecraft. Based on the announcement, Virgin Galactic is expected to lose about $10 million in projected 2022 sales.
Camber Energy Inc. (NYSEAMERICAN: CEI) dropped nearly 11% on Thursday. The company had no specific news, but it is still plagued by a blistering report from short seller Kerrisdale Capital and its own moves to shore up its balance sheet. Shares traded down by about 6% in Friday’s premarket.
Media platform Vinco Ventures Inc. (NASDAQ: BBIG) was Thursday’s big winner, adding nearly 23% to its share price to close at $8.36. The company had no specific news and traded down about 2% in Friday’s premarket.
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