Meme Stock Movers for 9\/8: Meta Materials, Nio, Support.com, Vinco Ventures and More
Not every stock that makes a big one-day move is a meme stock. Some, like biotechs, make big moves based on trial results. Others are acquired or come public with a huge first-day bump. There are a few of these worth noting Wednesday morning.
First in line is Kadmon Holdings Inc. (NASDAQ: KDMN), a biotech firm that is being acquired by Sanofi S.A. (NYSE: SNY) for $9.50 a share. The stock closed Tuesday at $5.30 and was trading up by nearly 74% in Wednesday’s premarket.
Another biotech, India Globalization Capital Inc. (NYSEAMERICAN: IGC), traded up more than 11% following the completion of a Phase 1 clinical trial of a new investigational drug to treat Alzheimer patients. The company said that to its knowledge, “this is the first human clinical trial using low doses of natural Tetrahydrocannabinol (‘THC’) in combination with another molecule, on Alzheimer’s patients.” THC is the psychoactive ingredient in cannabis. None of the cannabis stocks was showing much movement based on the announcement. The stock traded up about 9.5% in Wednesday’s premarket.
A third big mover Wednesday morning was Arquit Quantum Inc. (NASDAQ: ARQQ), which came public Tuesday following a SPAC merger with Centricus Acquisition. As its name implies, Arqit is a quantum computing developer that has just launched its QuantumCloud software that it claims “will run very efficiently and fast on virtually any device, creating keys which are zero trust and secure against all computational attacks. When we upgrade the system in two years’ time with the launch of quantum satellites, the entire system also becomes fully quantum safe.” The shares gained 22% Tuesday and traded up another 15% in Wednesday’s premarket.
One of just two meme stocks among Wednesday’s double-digit gainers is Vinco Ventures Inc. (NASDAQ: BBIG). In the morning, the company and its Lomotif subsidiary published an eight-page preliminary proxy/investor presentation for its October 14, 2021, shareholders meeting, after which the company plans to spin off a special dividend and then form a publicly traded company named Cryptyde. Details are scarce, but buyers were not.
After a few days in the wilderness, shares of Support.com Inc. (NASDAQ: SPRT) also traded up by a double-digit margin Wednesday morning. On Friday, special stockholders’ meeting will vote on the proposed merger with bitcoin miner Greenidge. Since the merger was announced in March, Support.com’s share price has jumped from around $2 to nearly $22.
Chinese electric vehicle maker Nio Inc. (NYSE: NIO) announced Wednesday morning that it has filed to sell up to $2 billion in American depositary shares (ADSs) in at-the-market transactions. One ADS is equal to one share of the company’s common stock. Even though there is no discount on the share price, as there would be if the stock were being sold to a big private investor, the additional shares dilute the value of those already outstanding.
Meta Materials Inc. (NASDAQ: MMAT) predictably had no news, so we turn to Reddit’s WallStreetBets to see what’s shaking. The answer is not much.
Vinco Ventures shares traded up nearly 16% in Wednesday’s premarket at $11.25. The average daily trading volume is about 34 million, while 126 million were traded Tuesday and 5.7 million had traded in the premarket session Wednesday.
Support.com traded up about 9.4% to $21.15 early Wednesday. The average daily trading volume is 16 million shares, 20 million were traded Tuesday, and thus far about 200,000 had moved on the morning.
Nio traded down about 2.2%, at $39.69 in a 52-week range of $16.75 to $66.99. The average daily trading volume is nearly 54 million shares, and 33 million were traded Tuesday. Fewer than 400,000 traded in the premarket session.
Meta Materials traded down about 2% to $5.35, still good enough to show a gain of more than 20% over the past five days and nearly 40% over the past month. It is also about $2 per share lower than it was on June 30, the day after its reverse merger with Torchlight Energy. The average daily trading volume was nearly 30 million shares, and 27.2 million were traded Tuesday. Fewer than 300,000 shares had traded in Wednesday’s premarket.
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