Midday Meme Stock Report for 7\/7: Meta Materials, AMC, Workhorse, Newegg
Stocks were volatile Wednesday morning, trading down about 1% and then breaking through to trade modestly higher. The big mover has been Newegg Commerce Inc. (NASDAQ: NEGG), which had traded up more than 100% so far. Here’s a quick look at what might be happening.
Newegg aside, the rest of the meme stock universe has been having a tough day. At midday on Tuesday, Meta Materials Inc. (NASDAQ: MMAT) stock traded up about 17% on news that the company had built a prototype non-invasive glucose monitor.
CEO Adam Aron of AMC International Holdings Inc. (NYSE: AMC) said Tuesday that the company was withdrawing another secondary offering of 25 million shares. He noted that he had made the decision based on what he was hearing from retail investors who didn’t want the stock diluted any further. That may have made investors happy, but it deprives AMC of roughly $1.3 billion to help pay down its more than $5 billion debt load. That could be why the stock traded lower Wednesday.
Another favorite among retail investors has been electric vehicle maker Workhorse Group Inc. (NASDAQ: WKHS), which posted a high of over $17 last week and traded below $13 on Wednesday. Part of the problem could be the probe announced last Friday into another EV maker, Lordstown Motors. Not every electric pickup truck maker is going to survive, and with Ford making a big move, there may not be enough chairs when the music stops.
Newegg traded up 101% at $54.70 in the noon hour Wednesday. The stock’s 52-week range is $2.80 to $70.00. The average daily trading volume is about 1.1 million shares, and at last look, more than 43 million shares had changed hands.
Meta Materials stock traded down about 14.7% to $6.14, in a 52-week range of $0.42 to $21.76. The average daily trading volume is around 17.2 million, and about 9.4 million shares had traded already.
AMC stock was down about 8%, at $45.99 in a 52-week range of $1.91 to $72.62. The average daily trading volume is 156.8 million, and about 76.3 million had traded.
Workhorse shares traded down more than 8% in the noon hour, at $12.70 in a 52-week range of $7.07 to $42.96. The average daily trading volume is around 19.5 million. About 8.9 million shares had traded hands.
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