Investing

Midday Meme Stock Report for 11/1: GameStop, Meta Materials, Plug Power, SoFi 

The three major equities indexes all posted new intraday highs early Monday, before drifting back toward the break-even line or even a little lower. As of noon, all had recovered to post a small gain, with the Nasdaq Composite overcoming a sell-off in four big tech stocks. Crude oil prices remained north of $84, and Bitcoin traded at around $61,400, about where it was in the premarket session. Yields on 10-year Treasuries hadn’t changed in morning either, up two basis points.

Among meme stocks, SoFi Technologies Inc. (NASDAQ: SOFI) traded up more than 10% in the noon hour on heavy volume. The company had no specific news. A bank charter seemingly is within reach, following the company’s September note offering.

Meta Materials Inc. (NASDAQ: MMAT) traded up by nearly 10% in the noon hour Monday. The company filed its proxy statement for a virtual annual meeting to be held on December 3. We noted the items on the agenda for a vote in our morning coverage. There is not much short interest in Meta Materials, likely the result of 30 insiders who own more than 75% of the stock. That they’re bullish on the stock, given their exercise prices, should be no surprise.

GameStop Corp. (NYSE: GME) traded up nearly 7.5% early Monday morning and daily trading volume was already near the daily average. The company submitted a federal filing Friday announcing the departure of Chief Operating Officer Jenna White after just eight months on the job. Usually, losing a senior executive results in a falling share price. Social media comments on GameStop are up Monday, but none refers to White’s departure.

Plug Power Inc. (NASDAQ: PLUG) was one of a handful of hydrogen fuel cell makers that has been losing money for a long time but may be turning a corner. Last week, Plug Power made a deal with a European company to build green hydrogen plants in Germany, and that has given the whole sector a shot in the arm. Last month, the company guided revenue above analysts’ consensus for 2022 and revenue in a range of $2 billion to $3 billion in 2025. Operating revenue in the first half of this year is about $200 million; the guidance for 2022 is more than four times that amount.

SoFi stock traded up nearly 12% as the noon hour ended, at $22.50 in a 52-week range of $11.80 to $28.26. The average daily trading volume is around 24.3 million shares, and more than 35 million had traded already on the day.

Meta Materials stock traded up 7.8% to $5.07, in a 52-week range of $0.50 to $21.76. The average daily trading volume is around 16 million shares, and nearly 14 million have been traded thus far.

GameStop traded up about 12.8% to $206.95, in a 52-week range of $10.50 to $483.00. The average daily trading volume is around 2.8 million, and about 2.7 million had traded.

Shares of Plug Power traded up more than 8%, at $41.35 in a 52-week range of $13.92 to $75.49. The average daily trading volume is 21.2 million, and more than 31 million had already changed hands.