In the noon hour Monday, declining stocks outnumbered rising stocks by a margin of about 8 to 1. The carnage was widespread, with top stocks like Apple and Microsoft down more than 2% and every crypto-mining stock we track trading down at least 6%.
So we will start with the miners. Greenidge Generation Holdings Inc. (NASDAQ: GREE) has fallen the most among the crypto miners. When the company completed its reverse merger with Support.com last week, it also completed a reverse split on its then-existing stock that essentially wiped out retail investors who had hoped for a short squeeze. It didn’t work out, and shares have dropped more than 40% in the past week.
Another crypto miner, Bit Mining Ltd. (NYSE: BTCM) traded has dropped about 32% since closing at around $14 on September 3. Bitcoin peaked at around $52,000 earlier this month and has dropped about 15.5% since that peak. While Bit Mining is hardly a meme stock, just over 15% of the stock’s total float is sold short, so its day could be just around the corner.
According to data reported Monday morning by Fintel, Aterian Inc. (NASDAQ: ATER) was the second most likely stock to be attacked by a short squeeze this week. It appears that the prediction is coming true, as the stock was up sharply Monday, defying the day’s overall downward trend. Bit Mining was Fintel’s third most likely stock to be squeezed this week, but the continuing slide in bitcoin is too strong.
While online real estate platform Offerpad Solutions Inc. (NYSE: OPAD) has driven a lot of comment on social media over the past several sessions, the stock was getting a few lumps Monday, trading down more than 6%. The company said in the morning that it now has its platform up and running in 20 U.S. markets. The good news for Offerpad is that its stock is now performing as badly as many other online real estate firms.
Greenidge traded down about 8.7% at the end of the noon hour Monday, at $39.70 in a 52-week range of $14.09 to $519.04. About 2.3 million shares had traded thus far on the day, compared to a daily average of around 2.4 million.
Bit Mining traded down more than 15% to $9.38, in a 52-week range of $2.55 to $35.00. Nearly 2.1 million shares had changed hands on Monday, compared with a daily average of about 3.2 million.
Aterian traded up nearly 18%, at $13.01 in a 52-week range of $3.04 to $48.99. More than 53 million shares had traded, more than three times the daily average of 15.4 million.
Offerpad was down almost 7% to $12.69, in a 52-week range of $8.20 to $20.97. More than 4.3 million shares had already traded on Monday, compared to a daily average of around 3 million.