Investing

Midday Meme Stock Report for 7/15: AMC, Meta Materials, Newegg, SoFi

Believers in internet retailer Newegg Commerce Inc. (NASDAQ: NEGG) have not been able to stop its month-long share price slide. Even so, the stock trades at nearly twice its IPO level of May 20. On Wednesday, the company’s controlling shareholder said in a filing in Shanghai that it expects its gross merchandise value, net sales and net income for the first six months of 2021 to be higher than the same metrics in the first half of last year. The filing was obviously not enough to staunch the bleeding.

Meta Materials Inc. (NASDAQ: MMAT) had no news Thursday but, unlike Newegg, the company has been able to stop a share price drop that began about two weeks ago. Last Friday the stock dropped below $5 a share and below $4 on Monday. Intraday trading during the week has lifted the stock to more into the $4 to $5 range again, but by the closing bell, Meta had only closed above $4 a share once in the past three sessions.

Meme stock favorite AMC Entertainment Holdings Inc. (NYSE: AMC) has dropped about 50% since putting up a new 52-week high in early June. The shares closed Wednesday at their lowest level since May 28 but were gaining some of that back in Thursday trading session. It is a long march back to that all-time high of just six weeks ago, though.

Another stock performing better than most of the memes Thursday is SoFi Technologies Inc. (NASDAQ: SOFI). Since coming public in a SPAC merger on June 1, the stock has dropped about 36% to trade at around $16. The company will deliver its first earnings report as a publicly traded company on August 12. With about half its float sold short, SoFi could see some wild price swings in the next few weeks.

Midday Thursday, Newegg traded down about 9.2% to $26.24. The stock’s 52-week trading range is $2.80 to $79.07. The average daily trading volume is nearly 3 million shares, and so far on the day, about 2.3 million shares had changed hands.

Shares of Meta Materials were sinking by nearly 9%, trading at around $3.89, in a 52-week range of $0.42 to $21.76. More than 12  million shares had traded by midday, compared with a daily average of about 20 million.

AMC stock traded up about 4.6%, at $34.95 in a 52-week range of $1.91 to $72.62. The average daily trading volume is more than 162 million shares, and through the noon hour Thursday, AMC had traded 140 million shares.

SoFi was up more than 2% to $15.85, in a post-IPO range of $11.80 to $28.26. The average daily trading volume is about 9.4 million, and more than 11 million shares had traded.