Investing
Meme Stock Movers for 9/27: Camber Energy, Canoo, SmileDirectClub, TMC
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Major market indexes closed last week up a bit, led by energy (up 34.7%) and financials (2.2%). Monday’s futures market showed the Dow Jones industrials up about 0.2% while the S&P 500 and Nasdaq Composite traded lower. Bitcoin popped back above $44,000, and 10-year Treasury yields were up to 1.49%.
Among meme stocks, last Friday’s big winner was Canoo Inc. (NASDAQ: GOEV). The electric vehicle maker’s stock added nearly 22% to close at $9.04, its highest level since early July. Last week the company unveiled its Lifestyle Vehicle, a configurable design that offers seating for up to seven, a single-charge range of 250 miles, glass roof and sides, and a quick charging option for starting price of around $34,750. First deliveries are expected by late next year.
Canoo also may have gotten a boost from an announced SPAC merger for Sweden’s Polaris EV maker that values the company at $21 billion. On the negative side, Goldman Sachs was out Monday morning with a Sell rating on Lordstown Motors. Short interest in Canoo is also high, nearly 33%. The stock traded down about 2.3% in Monday’s premarket, likely due to some profit-taking.
Camber Energy Inc. (NYSEAMERICAN: CEI) added about 7.5% to its share price on Friday and traded up another 2.5% in Monday’s premarket. Shares pared their gains double-digit noontime gains on Friday, but short interest in the stock was reported at 23.5% as of September 15, and that’s high enough to maintain interest in a short squeeze on the stock.
TMC the metals company Inc. (NASDAQ: TMC) closed down 6.4% on Friday and traded flat Monday morning. The stock posted a new 52-week low of $5.08 Friday and continues to generate comments on social media. TMC announced Friday that it succeeded in deriving an alloy of high-grade battery metals from a pilot smelting program. TMC harvests (mines) polymetallic nodules from the seafloor.
SmileDirectClub Inc. (NASDAQ: SDC) traded down nearly 7% on Friday. The stock has dropped by nearly 10% in the past week on essentially no news. Short interest in the stock remains high at nearly 33%, so this is another solid candidate for a short squeeze. So far this year, shorts have posted mark-to-market profits of $141 million on SmileDirectClub shares.
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