5 Meme Stock Movers for 8\/30: Support.com, Meta Materials and More
Monday’s premarket trading session looked an awful lot like a continuation of Friday’s run-up on a couple of stocks that may not be official meme stocks, but are certainly acting like it. The overall markets traded only slightly higher than the Friday close, but we were seeing some big moves.
Support.com
This one appears to be on a track to regain some of the value it gave back last Friday. Support.com Inc. (NASDAQ: SPRT) stock reached a high of $59.69 in the noon hour Friday, before dropping more than 50% to close at $26.33. In premarket trading Monday, the shares added more than 46% to trade at around $38.60. Partly that’s due to a rise in Bitcoin that investors think will lift Support.com shares as well, thanks to the announced acquisition of Bitcoin miner Greenidge.
Mostly, though, the company’s short sellers, who owned 67% of the total float as of mid-August, have to be covering their positions. The stock traded more than 165 million shares on Friday, after volume topped 100 million on Thursday. Stick around for Monday’s excitement.
Meta Materials
Meta Materials Inc. (NASDAQ: MMAT) also soared in Monday’s premarket, up about 22% from Friday’s close of $4.13. The only recent news from the company has been a Wednesday prospectus registering 191 million shares that were issued in connection with the Torchlight Energy reverse merger. Once the company clarified that these were not new shares, the shares took off, reaching a Friday high of around $4.48, on volume of more than 40 million shares.
Newegg Commerce
Newegg Commerce Inc. (NASDAQ: NEGG) reported six-month results early Monday morning that probably would have beat estimates, if there had been any. For the first half of fiscal 2021, Newegg reported $1.21 billion in revenue, up nearly 40% year over year, and net income of $0.05 per share, flat with the year-ago period. Gross profit rose by almost 34%. The stock traded up by more than 10% in Monday’s premarket, before pulling back to a recent boost of about 7.9% to $20.55.
Naked Brand
These shares traded up more than 9% in Monday’s premarket session at $0.73. On August 20, the Naked Brand Group Ltd. (NASDAQ: NAKD) CEO said the company had reached a preliminary agreement on a potential acquisition. While no further details have been announced, retail investors apparently like the cheap entry-level price, even after a 20% increase last week. More than 83 million shares of the stock were traded Friday. The stock dropped 11.3% on Friday to close at around $0.67.
AMC Entertainment
It cannot match the percentage gains of the hottest Monday morning stocks, but theater operator AMC Entertainment Holdings Inc. (NYSE: AMC) did get a boost from another better-than-expected weekend of box office results. The sequel to 1992’s “Candyman,” which is also called “Candyman,” hauled in $22.3 million over the weekend, nearly equal to its $25 million production budget.
With the Labor Day holiday weekend approaching, and its theater-only debut of Disney’s “Shang-Chi and the Legend of the Ten Rings,” investors are hoping for another boost to AMC. The stock closed up 1.3% Friday at $40.83, and it traded up about 2.6% Monday at $41.90. Trading volume in the stock totaled 71.3 million on Friday, less than half the average daily volume.
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