Midday Meme Stock Report for 8/6: AMC, Palantir, Robinhood, Virgin Galactic
Robinhood was turning around a loss the company posted on Thursday, and AMC was giving back the scarce gain it made. Coincidence?
Shares of Robinhood Markets Inc. (NASDAQ: HOOD | HOOD Price Prediction) continue to provide investors with a wild ride and spectators with plenty of head-shaking entertainment. The newly public company’s stock dropped nearly 30% Thursday and was trading up by more than 10% in the noon hour Friday. One day soon, Robinhood will deliver some news and who knows what will happen?
AMC Entertainment Holdings Inc. (NYSE: AMC) will deliver its second-quarter results after markets close Monday. While analysts do not expect much (and AMC is almost sure to deliver that), the report should have little impact on the stock’s price movements. Shares traded lower again Friday after posting an atypical gain on Thursday.
Virgin Galactic Holdings Inc. (NYSE: SPCE) did deliver some good news after markets closed Thursday. The high-flyer reported positive earnings and revenue surprises, and it announced that the next round of space tourism would be coming soon for those able and willing to pay $450,000 for the privilege. This sort of thing really jingles investors’ bells.
Palantir Technologies Inc. (NYSE: PLTR) dropped 12% in the month of July and is down about 7% for the year to date. The stock trades heavily but is also volatile and reasonably easily influenced by inflation fears and worries over new coronavirus variants. If there’s one thing investors do not have to worry about these days (and they can easily live without it), then away it goes. That’s Palantir’s story for now.
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Robinhood traded up by 10% to $56.08, in a post-IPO range of $33.25 to $85.00. Since the initial public offering, the stock trades about 86 million shares a day. More than 53 million had traded so far on Friday.
AMC traded down by nearly 2.8% to $32.60% in the noon hour, in a 52-week range of $1.91 to $72.62. The average daily trading volume is 175.6 million shares, and about 37 million had traded so far.
Virgin Galactic was up nearly 8.5%, at $34.20 in a 52-week range of $14.27 to $62.80. The average daily trading volume is 41 million shares, and about 31 million had traded.
Palantir traded down about 2.7% to $21.91, in a 52-week range of $8.90 to $45.00. The average daily trading volume is about 49.3 million shares, and 16 million had already changed hands.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
