Investing

Thursday's Major Meme Stock Action

The Nasdaq climbed nearly 1% on Thursday as the result of a strong push from tech stocks. However, the Dow Jones industrial average and S&P 500 lagged, each posting a loss on the day. Many of these tech stocks happen to be meme stocks, with a few making some massive gains on the day.

The WallStreetBets (WSB) community has been a resounding force in the market since January, causing many investors to reevaluate their positions and institutions to reconsider some of their bearish bets.

Some of the biggest names in play over the past several months have been GameStop Corp. (NYSE: GME) and AMC Entertainment Holdings Inc. (NYSE: AMC). A lot of the targeting by the WSB community has been surrounding companies that are heavily shorted and crowding that trade, in turn forcing a short squeeze. While these companies were the first round of WSB targets, they have expanded from there into more stocks.

Here 24/7 Wall St. takes a quick look at what these stocks are doing and what may be the next targets.

AMC stock had the best day out of the group, closing up about 10% to $60.73 a share, in a 52-week range of $1.91 to $72.62. About 299 million shares moved on the day, compared with an average volume of 147 million shares.

Palantir Technologies Inc. (NYSE: PLTR) was another stock that made it out of Thursday on a fairly positive note, and it seems to have been building up momentum recently. The stock closed up about 2.6% at $25.45, within a 52-week range of $8.90 to $45.00. Nearly 64 million shares moved on the day, which compares with the average of 58 million.

Petco Health and Wellness Co. Inc. (NASDAQ: WOOF) made a small bounce back in the session after suffering a huge loss on Wednesday. The stock closed up about 1%, closing at $23.08, in a 52-week range of $17.86 to $31.08.

BlackBerry Ltd. (NYSE: BB) shares made a slight recovery from Wednesday but there is still a ways to go. The stock closed up nearly 5% to $13.51, in a 52-week range of $4.37 to $28.77. The average volume for the stock is nearly 40 million, but Thursday about 41 million shares changed hands.

CRISPR Therapeutics A.G. (NASDAQ: CRSP) was another winner from Thursday’s session, with the stock closing up nearly 3% to $127.27 a share, in a 52-week trading range of $65.51 to $220.20.

GameStop more or less traded sideways on the day, ultimately ending on a positive note. The stock ended Thursday up 0.3%, at $223.59, in a 52-week range of $3.77 to $483.00.

Canoo Inc. (NASDAQ: GOEV) suffered some of the most out of the group, yet again, with its shares down about 3% (compounding its 8% loss from Wednesday) and closing at $9.93. The 52-week range is $6.51 to $24.90.