The AMC stock price crashed by more than 10% on Wednesday as momentum in the stock faded. The stock is trading at $50, which is about 30% below the highest point last week. Here are the other under-the-radar meme stocks that are moving today.
ContextLogic is a company that many people have never heard about. But it is also a company that more than 100 million people around the world use. It is best known for Wish.com, the mobile commerce company that sells cheap items around the world.
The Wish stock price is up by more than 8% today alone. It was up by more than 20% in the premarket session. This is after it surged by more than 50% on Tuesday. The rally brings its month-to-date gains to more than 65% and its valuation to more than $8 billion.
Wish is a classic meme stock for several reasons. First, the company is a well-known brand. Indeed, for years, many YouTubers have accumulated millions of views for making videos mocking products sold in the platform. Second, the stock has dropped by more than 77% from its highest level. Finally, it has a massive short interest, as shown below.
Clean Energy Fuels (CLNE)
Clean Energy Fuels is another upcoming meme stock whose shares are up by more than 40% on Wednesday. The stock is up by more than 75% since May 17. The company partners with other firms like Amazon, BP, and Total. It focuses on procurement and distribution of renewable natural gas (RNG) and conventional natural gas.
Like Wish, CLNE has some qualities that make it a meme stock. For example, its business is struggling, as evidenced to the falling revenues. It brought in more than $291 million in revenue in 2020 from more than $344 million a year before. It is also a loss-making company. Further, its short interest has been rising in the past few months, as shown in the chart below.
Clover Health (CLOV)
Clover Health is another meme stock that has become relatively popular these days. The company’s shares have risen by more than 18% today, bringing the total gains from the final week of May to more than 200%.
Clover Health went public through a SPAC recently and attracted the wrath of a short seller who accused the company of misleading investors. That accusation made the stock decline by more than 60%.
The company has become popular in social media platforms like StockTwits, Discord, and Reddit recently. Like the other two, it also has a giant short interest and is the most actively traded stock today.
The other top-performing meme stocks today are WorkHorse Group and Clovis Oncology. Well-known meme stocks like AMC and Blackberry have underperformed. GameStop will come in the spotlight tomorrow on Friday as the company publishes its earnings.