“Meme stocks are tracking the overall market higher Tuesday” — Paul Ebeling
Canoo Inc. (NASDAQ:GOEV) jumped more than 30% Monday on unusually heavy volume. Begging the Q are retail investors revving up a short squeeze. The average daily trading volume is around 4-M shares, and about 4.7-M already had traded Tuesday. The stock is trading at 7.48 at press time on 6-M+ shares.
Naked Brand Group Ltd. (NASDAQ:NAKD) stock rose about 10% last Friday, traded mostly flat Monday and was up by more than 14% at Noon Tuesday. Last Friday, the CEO said the company had reached a preliminary agreement on a potential acquisition. The halo is glow.
Robinhood Markets Inc. (NASDAQ:HOOD) got lots of analyst calls Monday, the day the official quiet period on the stock ended. The shares rose by more than 5% on Monday and have moved up by more than that so far Tuesday. Robinhood was up more than 10% to 49.00, in a post-IPO range of 33.25 – 85.00. The average daily trading volume is around 43-M, and about 15-M shares have changed hands so far.
Meme favorite GameStop Corp. (NYSE:GME) had no news. The stock was rising again after putting up a 3.5% gain Monday. Perhaps the overall movement toward equities is driving the price up. At press time the stock is up about 26% at 206.56 on 10-M+ shares.
Have a prosperous day, Keep the Faith!