Investing

Monday's Crypto Breakdown and Meme Stock Meltdown

The Dow climbed over 1% early on Monday as a result of a strong push from industrial stocks. However, the Nasdaq lagged, starting off the day with a loss, with a lot of tech stocks contributing to the lag. Many of these tech stocks happen to be meme stocks, with a few seeing some massive losses early on in 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). The WSB community has often targeted companies that are heavily shorted, crowding that trade and forcing a short squeeze. While these companies were the first round of WSB targets, the community has 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.

Crypto took a hit over the weekend with Bitcoin dropping from near $39,000 to around $32,000. This continued into Monday’s session. At the same time, Doge Coin was also getting beaten up, posting a 15% drop with each token being valued around $0.22.

AMC stock has so far had the best day out of the group, pushing up about 4% to $61.50 a share, in a 52-week range of $1.91 to $72.62.

GameStop is another company in the group that is seeing a relatively positive day. The stock was up 1% to $215.15, in a 52-week range of $3.77 to $483.00.

Palantir Technologies Inc. (NYSE: PLTR) was last seen down about 2.5% at $24.77, within a 52-week range of $8.90 to $45.00.

Sensionics Holdings, Inc. (NYSE: SENS) is seeing one of the worst days of the meme stock group. The stock was last seen down about 6% around $3.21, in a 52-week range of $0.35 to $5.56.

BlackBerry Ltd. (NYSE: BB) shares pushed lower Monday, down over 3% to $12.44, in a 52-week range of $4.37 to $28.77.

CRISPR Therapeutics A.G. (NASDAQ: CRSP) is another loser from Monday’s session, with the stock down over 1% to $125.99 a share, in a 52-week trading range of $65.51 to $220.20.