Investing
Midday Meme Stock Report for 10/29: Greenidge, Lucid, Meta Materials, Progenity
Published:
U.S. markets climbed out of an early hole and all three major indexes showed gains in the noon hour Friday. The report on personal consumption and expenditures may have had little impact, even though it was essentially in line with expectations, or even a bit below. Yields on 10-year Treasury notes were down a tick or two. Bitcoin had climbed to around $62,500m and crude was once again above $83 a barrel.
Among meme stocks, the big winner thus far on Friday was bitcoin-miner Greenidge Generation Holdings Inc. (NASDAQ: GREE). The company announced an expansion plan last week at the same time that it was getting pressure from New York politicians for its increased carbon emissions. The company had no specific news Friday, but the stock was up more than 30%.
Electric vehicle maker Lucid Group Inc. (NASDAQ: LCID) traded up as much as 17% Friday morning, but the gain was cut sharply, likely on profit-taking. The stock closed up 31% on Thursday, following Wednesday’s announcement that the first delivery of Lucid’s $169,000 Dream Edition sedan would occur Saturday. It was among the most mentioned stocks on social media and the most mentioned stock on WallStreetBets.
Meta Materials Inc. (NASDAQ: MMAT) almost scored big on a case of mistaken identity. The stock opened up 10% Friday morning, most likely because investors thought that Meta reflected the new name announced Thursday for Facebook. When the smoke cleared about an hour later, Meta’s shares had dropped to an intraday low of $4.56, exactly flat with the prior closing price. The company had no real news Friday.
Progenity Inc. (NASDAQ: PROG) has had an up-and-down week. The stock was last seen above its opening price on Monday, but the weekly high of $4.43 posted on Wednesday didn’t hold, and the stock traded about 16.5% below that mark. The last bit of news from the maker of molecular testing products came on Wednesday, when the company announced that it had exchanged about $20.2 million in debt for an equal amount of convertible debt.
As the noon hour ended Friday, Greenidge shares traded up 31.7%, at $26.72 in a 52-week range of $16.00 to $519.04 (adjusted for a reverse split). More than 14 million shares have been traded on the day, compared to a daily average of 3.2 million.
Shares of Lucid traded up about 4.6% to $37.06, in a 52-week range of $9.60 to $64.86. The average daily trading volume is 33.4 million shares, and more than 180 million had already changed hands on Friday.
Meta Materials stock traded up about 0.8%, at $4.60 in a 52-week range of $0.50 to $21.76. The average daily trading volume is around 15.6 million shares, and 14.3 million had traded thus far.
Shares of Progenity were down about 3.9% to $3.72, in a 52-week range of $0.66 to $7.86. The average daily trading volume is around 56.9 million. So far on Friday, 23.2 million shares had been traded.
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