GameStop (GME) and AMC (AMC) weren’t the only stocks caught up in this week’s meme craze. While shares of the short-lived rally’s flag bearers continued to unravel Friday, smaller meme-related equities were still soaring, poised to end the week with higher gains.
For example, EV-related startup Faraday Future (FFIE) gained 122% on Friday. The stock is on pace to gain 7,900% for the week. Over the past 24 hours, Faraday Future was the third-most-mentioned stock on Reddit’s WallStreetBets forum behind the SPDR S&P 500 ETF (SPY) and Nvidia (NVDA), according to web data company Thinknum.
Retail trader and YouTuber Matt Kohrs told Yahoo Finance, “Similar to 2021 [during the meme rally], people seem to be targeting equities with high short interest,” noting Faraday Future’s short interest sits at roughly 94% of the float.
Other heavily shorted stocks that moved higher during the session include Crown ElectroKinetics (CRKN), up more than 70%. The Oregon-based fiber optics and smart glass small-cap company is on pace to end the week up a whopping 915%.
Greenwave Technology Solutions (GWAV) was up more than 500% for the week. The micro-cap, Virginia-based metal recycling company gained 90% on Thursday as the rest of the overall meme rally was unwinding.
SunPower (SPWR) was on pace to close out the week up 29% after soaring on Monday and Tuesday. The solar-related stock gained 5% on Thursday, decoupling from GameStop’s three-day downward spiral.
MicroCloud Hologram (HOLO), another solar play, was up 6% Friday, capping off a week of gains. The micro cap is set to end the volatile week up about 22%.
This week’s meme action started on Monday following the re-emergence of Keith Gill, also known as “Roaring Kitty,” whose bull case on GameStop ignited the meme stock rally back in 2021.
Analysts anticipated this week’s action would be short-lived.
A GameStop store in New York on Jan. 28, 2021. (AP Photo/John Minchillo, File) (ASSOCIATED PRESS)
“The meme stock trades tend to only occur at extremes in sentiment,” Peter Atwater, president of Financial Insyghts and adjunct professor…
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