Investing
Midday Meme Stock Report for 9/27: Camber Energy, Canoo, Meta Materials, Vinco Ventures
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The broad markets were mixed at midday on Monday. The Nasdaq Composite traded down about 0.7% and the S&P 500 traded down about 0.2%. The Dow Jones industrials traded up about 0.5%. Gainers outnumber losers across the markets, and it was no different among the meme stocks.
Camber Energy Inc. (NYSEAMERICAN: CEI) continues its September run. The stock has risen by a factor of five since the beginning of September. Trading volume on Monday was already more than triple the daily average, and the company has had no specific news for more than a month. With nearly 24% of the total float sold short, this run-up has all the earmarks of a short squeeze.
Meta Materials Inc. (NASDAQ: MMAT) has ginned up its news machine over the past week, and the stock has added nearly 20% as a result. The company appointed two new top executives last week and also announced a program to offer grants of up to $150,000 for proposals from its academic partners. The company’s strategic scientific adviser, Professor Mark Brongersma of Stanford, commented that the program offers “first-of-its-kind access to large scale commercial nanofabrication tools and resources to scale ideas out of the lab and into real product applications.”
Vinco Ventures Inc. (NASDAQ: BBIG) also traded up sharply on no specific news. Last week, the company announced that Emmersive Entertainment, a subsidiary that provides streaming movie soundtracks, will soon begin selling NFTs for a dramedy-thriller, “Karen,” for $3 at Emmersive’s e-nft.com site.
After a steady string of gains last week, EV maker Canoo Inc. (NASDAQ: GOEV) saw some profit-taking on Monday. Trading volume was approaching three times the daily average. Since mid-August, shares have added about 24%. Short sellers are not giving up, however. More than 31% of the company’s stock was sold short as of September 15.
Vinco Ventures traded up more than 13% to $7.15, in a 52-week range of $1.11 to $12.49. About 62.6 million shares had traded thus far Monday, compared to the daily average of around 46.3 million.
Meta Materials also traded up more than 13%, at $5.84 in a 52-week range of $0.46 to $21.76. The average daily trading volume is about 20.2 million shares, and 19.6 million had traded for the day so far.
Camber Energy traded up nearly 27%, at $2.59 in a 52-week range of $0.33 to $3.10. Nearly 208 million shares had changed hands, compared to a daily average of 75.2 million.
Canoo traded down about 7.4% to $8.37, in a 52-week range of $5.72 to $24.90. The average daily trading volume is around 3.1 million, and about 8.4 million shares had traded.
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