Tuesday was a big day for several popular meme stocks. None posted bigger gains than two of the granddaddies. Wednesday’s premarket was not so generous, but it is worth remembering that how these stocks trade during the day is often unrelated to their closing prices.
GameStop Corp. (NYSE: GME) added 27.5% to its share price on Tuesday to close at $210.29, the stock’s highest close in two months. Some 14.65 million shares changed hands, nearly three times the daily average volume. The company had no news, but its mentions on social forums jumped to more than 10,000, a day-over-day increase of nearly 1,500%, according to HypeEquity. The stock traded down about 1.8% in Wednesday’s premarket session.
AMC Entertainment Holdings Inc. (NYSE: AMC) saw its shares increase by 20.3% to close at $44.26, its highest close in more than a month. More than 225 million shares traded on Tuesday, well above the daily average of 170 million. The stock had 2,288 mentions on social media, second only to GameStop for the day, and an increase of 617% for the day. In Wednesday’s premarket session, the shares had added another 2.8%.
JD.com Inc. (NASDAQ: JD) stock added nearly 14.5% on Tuesday to close at $75.22, its highest finish in a month. Volume totaled more than three times the daily average of around 11.8 million shares. Unlike GameStop and AMC, the Chinese e-commerce company did have news. The company blew past estimates when it reported second-quarter earnings Tuesday morning. And Cathie Wood’s ARK Autonomous Technology and Robotics ETF bought 164,889 shares on Tuesday, lifting its total stake in JD.com to around 2.3 million shares in two ARK ETFs (the other is the company’s flagship ARK Innovation ETF).
Airbnb Inc. (NASDAQ: ABNB) added nearly 10% to its share price Tuesday to close at $161.42, the stock’s highest close in nearly four months. Trading volume of nearly 22 million shares was almost triple the daily average. The company had no specific news. While Airbnb mentions were far below those of the other stocks in this group, the daily change was more than 1,200%. Shares traded down about 1.3% in Wednesday’s premarket session.
Support.com Inc. (NASDAQ: SPRT) added a modest (by Tuesday’s standards) 4.5% to its share price on the day. Trading volume of 80 million shares was more than 10 times the daily average of around 6.9 million. Like Airbnb, it gets relatively few social media mentions. While mention volume was up about 32%, the overall social score, according to HypeEquity, fell by 24%. That could all change in a heartbeat Wednesday. Shares traded up 17.7% in the premarket session at $13.78, still a dollar below the 52-week high posted Tuesday of $14.72.