Midday Meme Stock Report for 8/9: AMC, Clover Health, DraftKings, Meta Materials
AMC shares were putting on a little weight as investors wait to see the company's second-quarter earnings report. And Meta Materials was moving too.
Several heavily traded stocks, including an icon of the meme stock crowd, are set to report earnings this week. But that’s not all the action we’re looking forward to.
AMC Entertainment Holdings Inc. (NYSE: AMC) is reporting second-quarter results after markets close Monday. The company is expected to report a much narrower loss than in the same quarter last year, along with a boost of 150% from 2020’s dismal quarterly results. We previewed AMC’s report last Friday.
DraftKings Inc. (NASDAQ: DKNG | DKNG Price Prediction) may not be a meme stock in the technical sense, but it is pretty heavily traded. The company announced an all-stock acquisition valued at around $1.56 billion of another online gambling platform. After an early share price bump, DraftKings stock traded down slightly by noon.
Meta Materials Inc. (NASDAQ: MMAT) had posted the largest daily gain of any meme stock halfway through Monday’s trading. Last week, the company announced an acquisition valued at around $72 million of Canada-based Nanotech Security of anti-counterfeiting solutions. But the big driver of the share price appears to be hope that the short squeeze on predecessor Torchlight Energy will still deliver a special dividend to holders of Torchlight stock at the time of the reverse merger in late June.
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Clover Health Investments Corp. (NASDAQ: CLOV) saw a solid gain Monday morning to trade at a three-week high. Yet, the stock still has a ways to go to recover from a drop of nearly 40% in July. The company is scheduled to report second-quarter results after markets close on Wednesday. No big upside surprises are expected.
In the noon hour Monday, AMC stock traded up 1.6%, at $33.22 in a 52-week range of $1.91 to 72.62. About 35 million shares had traded thus far, well below the daily average of around 178 million shares.
DraftKings stock traded up less than 1% to $51.70, in a 52-week range of $30.51. The average daily trading volume of around 15.7 million shares was already in the rear-view mirror, with 15.9 million shares traded.
Meta Materials traded up 10%, at $3.63 in a 52-week range of $0.42 to $21.76. The average daily trading volume is about 23.4 million shares, and 12.6 million had changed hands. On June 29, when the reverse merger with Torchlight was completed, the shares traded at $4.95.
Clover Health traded up about 6.3% to $8.58, in a 52-week range of $6.31 to $28.85. The average daily trading volume is around 53.7 million shares, and nearly 18 million had changed hands so far on Monday.
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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.
