Investing

Midday Meme Stock Report for 8/24: Canoo, GameStop, Naked Brands, Robinhood 

As a group, meme stocks were tracking the overall market higher at the noon hour Tuesday. Unusually, there seems to be some news behind the share price moves.

Before we get to that, a new CNBC|Momentive poll conducted by SurveyMonkey details how U.S. investors have responded to the pandemic, where they think the markets are going, how many are investing in cryptocurrencies (more than are investing in exchange-traded funds!) and much more.

Naked Brand Group Ltd. (NASDAQ: NAKD) stock rose about 10% last Friday, traded mostly flat on Monday and was up by more than 14% at noon Tuesday. Last Friday, the CEO said the company had reached a preliminary agreement on a potential acquisition. The halo effect apparently continues to glow.

Robinhood Markets Inc. (NASDAQ: HOOD) got a slew of analyst calls on Monday, the day the official quiet period on the stock ended. The shares rose by more than 5% on Monday and had moved up by more than that so far Tuesday.

Meme favorite GameStop Corp. (NYSE: GME) had no news, but then it rarely does. In any event, the stock was rising again after putting up a 3.5% gain on Monday. Perhaps the overall movement toward equities is driving the price up. It is as good a reason as any other.

Canoo Inc. (NASDAQ: GOEV) jumped more than 30% on Monday on unusually heavy volume. One explanation is that retail investors were revving up a short squeeze. If so, the squeeze had lost its grip by Tuesday noon.

Canoo traded down more than 8%, at $7.16 in a 52-week range of $5.75 to $24.90. The average daily trading volume is around 4 million shares, and about 4.7 million already had traded on Tuesday.

GameStop traded up about 5.3% to $173.60, in a 52-week range of $4.88 to $483.00. The average daily trading volume is about 5.4 million shares, and about 1.8 million had traded so far on the day.

Robinhood was up more than 5.5% to $47.83, in a post-IPO range of $33.25 to $85.00. The average daily trading volume is around 43 million, and about 10.2 million shares had changed hands thus far.

Naked Brands was up about 16% to $0.64 in the noon hour Tuesday. The stock’s 52-week range is $0.07 to $3.40, and the average daily volume is around 59.2 million shares. Nearly 90 million had traded by the end of Tuesday’s noon hour.