Midday Meme Stock Report for 8/31: AMC, Corsair, Support.com, Vinco Ventures

Investing

Published: August 31, 2021 1:28 pm

The overall market was flattish again in Tuesday’s noon hour, with the Dow Jones industrials trading up fractionally and both the S&P 500 and the Nasdaq Composite fractionally lower. Volume is less than half the 10-day moving average of around 3.6 billion shares traded. The stocks getting a lot of mentions on social media today include Alibaba and Zoom Video.

AMC Entertainment Holdings Inc. (NYSE: AMC) is among the top five stocks being talked about today on social media. Even a year on from the time when most investors first heard of meme stocks, AMC continues to draw attention. The stock was putting up a nice gain on the day, probably the result of a good weekend behind it and a holiday weekend coming up, with a Disney blockbuster out exclusively in theaters. As we noted in out look at meme stock movers Tuesday morning, movie theater ticket prices are also about a dollar higher than they were last year at this time.

Streaming video component maker Corsair Gaming Inc. (NASDAQ: CRSR) was generating the loudest noise among social media mentions Tuesday. Mentions are up about 6,000% day over day and trading volume was already double the daily average. Corsair is a potential short squeeze target, with about 30% of its total float current sold short.

Support.com Inc. (NASDAQ: SPRT) has had quite a six-day run. The stock jumped from $8.81 at its close on Friday, August 20, to close at $36.39 on Monday. Shares traded down by as much as 16% earlier Tuesday morning. The share price run-up was most likely a massive short squeeze on a stock that had two-thirds of its float sold short.

Vinco Ventures Inc. (NASDAQ: BBIG) is currently negotiating a merger with Zash Global Media with the goal of creating a media property to compete with TikTok. The share price had jumped from $2.40 at closing on Friday, August 20, to $7.06 on Monday. As is the case with Corsair, investors might have been trying to run a short squeeze because about 21% of the company’s total float is sold short. But the share price is pretty low, and the float is just over 47 million shares. Those factors may represent only a fair chance of squeezing short sellers until they beg for mercy.

As the noon hour drew to a close Tuesday, AMC traded up about 6.3%, at $47.07 in a 52-week range of $1.91 to $72.62. The average daily trading volume is around 148 million shares, and about 63 million had traded thus far on Tuesday.

Corsair Gaming traded up nearly 9% early in the morning, but the gain had been pared back to around 3.6% at $29.32. The stock’s 52-week range is $14.09 to $51.37, and the average daily trading volume is about 3.3 million shares. Nearly twice that number had traded on the day.

Support.com was down more than 8% in the noon hour Tuesday, at $33.40 in a 52-week range of $1.62 to $59.69. The average daily trading volume is about 14.2 million shares, with nearly 19 million already exchanged.

Vinco Ventures traded down about 10.2% to $6.34 in the noon hour Tuesday. The stock’s 52-week range is $1.11 to $10.00, and the average daily volume is around 23 million shares. Some 67.2 million shares had changed hands.