Investing

Meme Stocks Get Off to a Strong Start As Nasdaq Hits New Highs

The broad markets saw a somewhat mixed start to the week with the Dow Jones Industrial Average lagging both the S&P 500 and Nasdaq. With the start of a new week comes a new all-time high in the Nasdaq and S&P 500. However, some traders are hesitant as economic reports are looming later this week.

For the most part, meme stocks were fairly positive to start out the week, and tech trade is in full swing.

The WallStreetBets 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.

Perhaps the biggest story on the day among meme stocks is Torchlight. 24/7 Wall St. covered the action surrounding the stock more in-depth here.

GameStop holders saw a solid gain on the day with shares up about 3% at $216.50. The 52-week range is $3.77 to $483.00. The other major staple to the meme stock portfolio, AMC, saw its shares up about 5% to $56.65, within the 52-week range of $1.91 to $72.62.

A couple of the health care meme stocks were on opposite sides of the trade on Monday. Clover Health Investments, Corp. (NASDAQ: CLOV) shares were down less than 1% to $12.94, with a 52-week range of $6.31 to $28.85. Separately, CRISPR Therapeutics AG (NASDAQ: CRSP) stock was pushing about 7% higher to $152.58, with a 52-week range of $68.85 to $220.20.

A few other notable names seeing nice gains on the day included Workhorse Group Inc. (NASDAQ: WKHS), ContextLogic Inc. (NASDAQ: WISH), and Senseonics Holdings, Inc. (NYSE: SENS). Here, Workhorse stock last traded up about 11% at $17.33, ContextLogic stock was up over 5% at $14.82, and Senseonics stock was up about 5% at $4.03.

Vertex Energy, Inc. (NASDAQ: VTNR) was the biggest loser out of the group with shares down over 4% at $8.91, with a 52-week range of $0.40 to $10.88.