Midday Meme Stock Report for 9\/1: AMC, Lucid Motors, Support.com, Vinco Ventures
With the S&P 500 and Nasdaq Composite indexes posting some decent gains as of the noon hour Wednesday, our meme stock portfolio also reflects more winners than losers. Overall trading volume is higher than average.
Vinco Ventures Inc. (NASDAQ: BBIG) was the leading gainer among the meme stocks, with a double-digit increase piling on a similar-sized increase on Tuesday. Shares posted a new 52-week high early in the morning, before slipping, but crept slightly higher after posting an intra-day low of $7.31. We took a closer look at the company in our morning report of meme stock movers and also took a look at its potential to continue with an apparent short squeeze.
Support.com Inc. (NASDAQ: SPRT) tumbled Wednesday, after dropping by more than 13% on Tuesday. The company did get some good news in the morning. Proxy advisory firms ISS and Glass Lewis both recommended that shareholders vote in favor of the company’s proposed merger with bitcoin miner Greenidge. A special shareholders’ meeting is scheduled for next week to vote on the transaction.
Lucid Group Inc. (NASDAQ: LCID) traded down sharply in the noon hour. On Tuesday the company announced that it will show off its Arizona assembly plant to members of the media and financial communities, policymakers and selected customers. Lucid still expects to begin deliveries of its Lucid Air electric vehicles by the end of this year.
AMC Entertainment Holdings Inc. (NYSE: AMC) was sliding Wednesday following a downgrade from Hold to Underperform by analyst Chad Beynon at Macquarie Group. Despite what AMC and others have been saying about movie attendance, audiences remain about a third lower than in 2019. Macquarie has a price target of $6 on the stock, about 85% lower than AMC’s trading price Wednesday.
Vinco Ventures traded up about 20% in the noon hour Wednesday, at $9.81 in a 52-week range of $1.11 to $11.90. The average daily trading volume is around 25.8 million shares, and more than 216 million had already traded by the noon hour.
Support.com was down more than 15% to $26.53, in a 52-week range of $1.62 to $59.69. The average daily trading volume is about 14.4 million shares, and 16.7 million had already changed hands on the day.
Lucid traded down about 9.8%, at $17.99 in a 52-week range of $9.60 to $64.86. The average daily trading volume is around 11.4 million shares, and about 127 million had been traded.
AMC traded down about 4.3% to $45.10, in a 52-week range of $1.91 to $72.62. The average daily trading volume is about 148 million, and around 52.6 million shares had traded thus far on Wednesday.
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