Investing

Midday Meme Stock Report for 8/30: AMC, GameStop, Meta Materials, Support.com

With the overall market trading up from just a little (the Dow Jones industrials) to nearly a full percentage point (the Nasdaq), it is no surprise that a few of the meme stocks had a solid outing Monday.

The day’s big winner was Support.com Inc. (NASDAQ: SPRT). The stock closed at $8.81 on August 20, but a week later it closed at $26.33, a gain of nearly 200%. The shares traded up another 40% or so in the noon hour Monday. There’s not a lot more to say about this stock other than what we have been saying: with short interest at 67% of the total float, a short squeeze seemed almost inevitable and this is probably it. A compounding factor is the company’s announced acquisition of a bitcoin-mining firm called Greenidge. Having a stake in Bitcoin never hurt any meme stock, at least in the eyes of some investors.

Meta Materials Inc. (NASDAQ: MMAT) traded as much as 40% above its Friday closing price shortly after the bell at $5.79. The price trailed down afterward but continued to show a solid double-digit gain for the day. After filing to register already issued shares last week, Meta filed a registration statement reserving 30.8 million shares for the company’s stock option plan for “service providers” to the company. From the filing:

The term “Service Providers” means (a) any full or part-time employee of the Corporation or any of its subsidiaries (an “Employee”); (b) any executive officer of the Corporation or any of its subsidiaries (an “Officer”); (c) any director of the Corporation or any of its subsidiaries (a “Director”); and (d) any consultant of the Corporation or any of its subsidiaries (a “Consultant”).

Under the original terms of the plan, Meta Materials had reserved 16.72 million shares for stock options. The maximum price of the shares was calculated by the company to be $2.92, well below the current price.

AMC Entertainment Holdings Inc. (NYSE: AMC) may have some good news lurking as the appetite for movie-watching in theaters remains reasonably strong and a new theatrical release of a Disney tentpole is due out for the holiday weekend.

GameStop Corp. (NYSE: GME), another venerable meme stock, also traded higher Monday. There seems little reason for the move other than it is GameStop’s turn in the chute. The stock gained 29% last week on no news other than the company’s going to make some changes.

Shares of Support.com traded up nearly 40% in the noon hour Monday, at $36.80 in a 52-week range of $1.62 to $59.69. The average daily trading volume is about 13.2 million shares, and more than 51 million had changed hands on the day already.

Meta Materials traded up 7.2% to $4.43, in a 52-week range of $0.42 to $21.79. The average daily volume is around 26 million shares, and Monday’s trading had reached 67.4 million thus far.

AMC traded up 9.3% to $44.64, in a 52-week range of $1.91 to $72.62. The average daily trading volume is around 149 million shares, and 71.5 million had traded.

GameStop was up about 4.7%, at $214.48 in a 52-week range of $5.69 to $483.00. The average daily volume is nearly 5 million, and about 2.4 million had traded.