Home 2021 Report: Meme Stocks, SPCE the Focus

Report: Meme Stocks, SPCE the Focus

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Richard Branson’s trip to space on the Virgin Galactic Holdings Inc. (NASDAQ:SPCE) VSS Unity did not boost the company’s share price Monday. The company announced in the morning that it has struck a distribution agreement with 3 firms for the sale of up to $500-M in an “at-the-market” offering.

Last month, Virgin Galactic completed a shelf registration of $1-B in stock. The other $500-M worth of registered shares are still available, should the company decide to offer them for sale.

Virgin Galactic stock traded down 17.30% to 40.69 in a 52-wk range of 14.27 – 62.80. The average daily trading volume is 34-M/ shares. More than 134-M traded at last look.

With the exception of Virgin Galactic, stocks related to space tourism and exploration have had, at best, a so-so yr so far. Cathie Wood’s Space Exploration and Innovation ETF has done no better than a gain of less than 2% since its launch in March. Virgin Galactic is not included among the 39 holdings in the fund.

AMC Entertainment Holdings Inc. (NYSE:AMC) touted its attendance numbers Monday morning, revealing that about 3.2-M people globally went to the movies over the weekend. As a whole, the theater industry posted its first $100-M + domestic box office take since early last yr. More than 2.5-M people saw a movie at an AMC theater at the weekend. But that did not impress investors.

AMC stock traded down about 7,7% to 42.61 Monday. The stock’s 52-wk trading range is 1.91 – 72.62, and the average daily trading volume is 162-M/shares. About 60-M/shares traded Monday.

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.