Midday Meme Stock Report for 12/7: Greenidge, IronNet, Ocugnen, Skillz

Investing

Published: December 7, 2021 1:29 pm

The three major U.S. stock indexes were all trading solidly higher in the noon hour Tuesday, led by the Nasdaq’s gain of more than 3%. The tech-heavy index reflected a boost of more than 3.5% in tech sector stocks. All 11 sectors traded higher at noon, with energy (up 2.9%) and consumer cyclicals (up 2.3%) the other major gainers. Crude oil traded up about 4.5% at around $72.60, and Bitcoin was up more than 2% at $51,000. Yields on 10-year Treasury notes had cut their earlier gains, but remained up by about three basis points.

Advancers far outnumber decliners on our meme stock watch list. The biggest gain so far Tuesday was Greenidge Generation Holdings Inc. (NASDAQ: GREE). The stock added about $4 to its share price since Friday’s closing bell, even though news on the cryptocurrency miner is certainly mixed.

On Monday, a group of environmental organizations, including the Sierra Club, filed a motion seeking a preliminary injunction to halt expansion operations at the company’s Dresden power plant that the plaintiffs claim the company and the local planning board incorrectly approved. That comes only a couple of days after U.S. Senator Elizabeth Warren wrote to Greenidge CEO Jeffrey Kirt seeking detailed responses to several questions by December 17. The stock price had dropped by more than half in the past 30 days, so it could be that investors think now’s a good time to buy the dip.

Cybersecurity provider IronNet Inc. (NYSE: IRNT) added more than 16% to its share price Tuesday. The company had no specific news, but a more intense federal focus on cybersecurity attacks against businesses, governmental agencies and critical infrastructure may be lifting the shares out of its post-IPO doldrums. Shares more than tripled in value shortly after the late August initial public offering but have since fallen below the IPO price.

Gaming technology platform maker Skillz Inc. (NASDAQ: SKLZ) added about 15% in morning trading Tuesday. Two of Cathie Wood’s ARK Invest ETFs together hold about 20.3 million shares of Skillz stock.

Vaccine maker Ocugen Inc. (NASDAQ: OCGN) dropped by more than 6% on Monday and traded down further in Tuesday’s premarket. Shares were up more than 10% in the noon hour, likely on some buying-the-dip action.

Shares of Greenidge traded up more than 16% as the noon hour ended, at $17.58 in a 52-week range of $12.70 to $519.04 (split-adjusted). The average daily trading volume is around 3 million shares, and about 830,000 had been traded thus far on Tuesday.

IronNet stock traded up about 14%, at $8.31 in a 52-week range of $6.90 to $47.50. The average daily trading volume is around 7.4 million shares, and about 1.5 million shares had traded so far.

Skillz traded up about 13.8% to $9.62, in a 52-week range of $7.57 to $46.30. The average daily trading volume is about 14.7 million shares, and 10.3 million had changed hands already.

Shares of Ocugen traded up more than 10% to $5.97, in a 52-week range of $0.28 to $18.77. The average daily trading volume is 33.5 million shares, and about 11 million had traded on Tuesday.

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