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Meme Stocks: Modest Price Moves

FILE PHOTO: The Reddit logo is seen on a smartphone in front of a displayed Wall Street Bets logo in this illustration taken January 28, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

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Monday, about half the meme stocks we follow were trading higher, and most price moves were modest.

GameStop Corp. (NYSE:GME) traded lower Monday. The stock has dropped about 50% of its value since mid-June. The decline was not a waterfall of selling, but rather a slow drip, that continues. Trading volume in GameStop stock has fallen, and while there is nothing to say that retail investors will turn things around, short interest in GameStop has fallen from the sky high marks in January.

AMC Entertainment Holdings Co. (NYSE:AMC) stock likely will continue to suffer a trend similar to GameStop’s. The stock has dropped about 43% since early June. Following a brief period of hopes for better box office receipts early in the Summer, receipts have tailed off and there are only a few wks left until school starts.

Meta Materials Inc. (NASDAQ:META) has not generated any significant news since its late June reverse merger with Torchlight Energy. The promised special dividend due to holders of Torchlight at the time of the merger has not happened yet.

Naked Brand Group Inc. (NASDAQ:NAKD) shares put up a decent gain, but not nearly enough to recover the loss of 67% of their value since late January. The share-price decline since a recent high in early June is about 20%, including Monday’s upward move.

Have a prosperous day, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.