Investing

Midday Meme Stock Report for 8/10: AMC, Nano Dimension, Vertex Energy, Virgin Galactic

Virgin Galactic

Order flow for many of the meme stocks is tilted to the buy-side, according to noon-hour data from Fidelity. That’s a little surprising considering that the Nasdaq is trading down about 0.3% at the same time.

AMC Entertainment Holding Inc. (NYSE: AMC) reported quarterly results after markets closed Monday and beat both expected loss and revenue estimates. The bigger news is a deal with AT&T-owned WarnerMedia for a 45-day theater-only window. That means no competition from streaming services until the window closes.

Virgin Galactic Holdings Inc. (NYSE: SPCE) had no news Tuesday, but the stock traded down sharply. There could be some pressure on the share price from significant put option open interest at $31 and $30. Check the tape at 4:01 p.m.

Vertex Energy Inc. (NASDAQ: VTNR) also beat top-line and bottom-line estimates for the second quarter. The company expects to close its $75 acquisition of a Mobile, Alabama, refinery from Shell in the fourth quarter and begin immediately on two capital projects with a total cost of $125 million. Vertex also noted that it is still talking to lenders for financing the purchase and expects to have one by the end of September. This may not be a good sign of things to come.

Nano Dimension Ltd. (NASDAQ: NNDM) is reporting second-quarter results next week, and that report could be one of those break-out moments for the 3D printing company. Two of Cathie Wood’s ARK Invest ETFs own a combined $14.7 million worth of Nano Dimension stock valued at around $93.2 million.

AMC stock traded up about 0.8%in the noon hour Tuesday, at $34.07 in a 52-week range of $1.91 to $72.62. The average daily trading volume is 176.6 million shares, and about 76 million had already changed hands on Tuesday. According to Fidelity data, 58% of Tuesday’s orders for AMC stock were buy orders.

Virgin Galactic traded down about 9.5% in the noon hour to $31.86. The stock’s 52-week range is $14.27 to $62.80, and the average daily trading volume is about 41.6 million shares. Some 18 million shares had traded thus far.

Vertex Energy traded down about 9.9%, at $8.20 in a 52-week range of $0.40 to $14.32. The stock trades about 14 million shares on a typical day, but just over 2 million had traded so far on Tuesday.

Nano Dimension stock traded up about 6.5% to $6.75, in a 52-week range of $1.31 to $17.89. The average daily trading volume is about 11.7 million shares, and 9.2 million had changed hands.

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