In the world of financial markets, “meme stocks” are no longer an unusual term. You may be wondering what are meme stocks? they are stocks that get discussed online and go viral, causing their prices to go crazy.
A lot of new buyers are attracted when stocks are heavily shorted after positive news or a catalyst. When short sellers get squeezed (cover their positions), there is more buying, which results in the stock price soaring rapidly and significantly.
Recent years have seen an increase in the popularity of meme stocks. One of the biggest examples is earlier this year, the share price of GameStop (GME) increased significantly. Following hedge funds’ announcements that they are shorting GME, traders on WallStreetBet have picked up the stock.
Price increases for meme stocks are usually driven by online forums and social media platforms rather than more conventional factors like growth in production. Stocks with rapid valuation increases are often overvalued owing to their rapid rise.
MEME Stocks to Watch
The Palantir Technologies Inc. (NYSE: PLTR) went down by -0.04% in Tuesday’s trading session, a fall equivalent to -$0.01 from the previous market close price. The lowest point that the shares touched during the trading session was $22.78, while the peak of the day was recorded at a share price of $23.52. PLTR finished the previous session at $22.93 according to the data provided by Barchart, while the trading volume was observed to be 25.95 million.
Wolfe Research rated the Palantir Technologies Inc. (NYSE: PLTR) stock “a Peer perform”. Wolfe Research’s estimates were contained in a research note released on Friday, April 23, 2021. Several other experts on Wall Street have posted such reports regarding the PLTR shares. According to Credit Suisse, the stock is “an Underperform,”$20. Credit Suisse published their figures in a research note released to investors on Tuesday, March 16, 2021. Other experts at Goldman have the stock’s price target at $34 price; with their rating of the stock is “a Buy.”. These scores were published in a research note the firm released on Wednesday, February 17, 2021.
With over 30.1 million Clover Health Investments Corp. (CLOV) shares trading Tuesday and a closing price of $8.41 on the day, the dollar volume was approximately 30.1 million. The shares have shown a positive weekly performance of 3.57% and its price on 08/10/21 lost nearly -4.54%. Currently, there are 376.17M common shares owned by the public and among those 111.83M shares have been available to trade.
CLOV stock has achieved a 5-day range of $7.85 to $9.23, with a total performance of +3.57% during that period. Meanwhile, in the past month of trading, this stock has traded in the range of $7.67 to $10.00, generating a -9.28% change during the period. In the past three months, this stock’s price has changed by +1.82%, trading in the range of $6.52 to $28.85.
BlackBerry Limited (NYSE: BB) is 56.41% higher on its value in year-to-date trading and has touched a low of $4.37 and a high of $28.77 in the current 52-week trading range. The bb stock was last observed hovering at around $10.37 in the last trading session, with the day’s loss setting it -0.38% off its average median price target of $8.50 for the next 12 months.
Focusing on the company’s market volatility shows that it has a 1-Week Volatility index of 4.29%, and 5.14% for the month. This stock’s Average True Range (ATR) currently stands at 0.51, with the beta factor poised at 1.22. The indicator of Volatility helps exhibit the extent to which a stock is likely to plummet or climb when the rest of the market also dips or surges. If a stock has a beta score above 1, then its rate of volatility is high. Figures lower than 1, therefore, means that the stock’s volatility at that particular moment is low.