Meme Stock Movers for 11\/17: Camber Energy, Canoo, Progenity, Tesla
All three major U.S. stock indexes closed higher Tuesday, led by the Nasdaq (up 0.8%) thanks to a 1.1% uptick in the tech sector. All three remain in close proximity to all-time highs, but the Dow Jones industrials and the S&P 500 both traded down slightly in Wednesday’s premarket. Crude oil traded right around $80 a barrel in the morning, while Bitcoin is holding just above $60,000. The yield on 10-year Treasury notes was up one basis point at around 1.64%.
Among the most actively traded stocks in Wednesday’s premarket are electric vehicle makers. Rivian Automotive Inc. (NASDAQ: RIVN) and Lucid Group Inc. (NASDAQ: LCID) both posted double-digit gains on Tuesday, as did Canoo Inc. (NASDAQ: GOEV), which added about 23.7% Tuesday and was up by around 18% in Wednesday’s premarket. Canoo has announced plans to build a new assembly plant and add other operations in Oklahoma.
EV stocks are on a run since Lucid’s first deliveries late last month and its outlook on new customer reservations. Rivian’s massive IPO last week drove the stock to a new high Tuesday, but some premarket traders appear to be taking profits this morning. The shares traded down about 8% in the early going.
And what of Tesla Inc. (NASDAQ: TSLA)? The stock added 4.1% on Tuesday and traded up by less than 1% early Wednesday. Over the past seven days, CEO Elon Musk has sold $8.8 billion worth of his stock in the company. That’s almost half his promise to sell 10% of his holdings.
Camber Energy Inc. (NYSEAMERICAN: CEI) added nearly 7% to its share price on Tuesday and traded up more than 24% in Wednesday’s premarket session. ESG Clean Energy, a company that licensed its carbon-capture technology to Camber in August, responded to a short seller report released in early October by Kerrisdale Capital Management that called the license “nearly worthless.” Investors appear to be convinced, but time will tell.
Tuesday’s big winner was Progenity Inc. (NASDAQ: PROG), which posted a gain of nearly 40%. Shares traded up about 21% more in Wednesday’s premarket. While the biotech company’s product pipeline appears well supplied, the immediate cause of the share price run-up is almost certainly a short squeeze. At the beginning of the week, Fintel reported short interest of around 35% of Progenity’s total float. As of Tuesday night, Fintel had pegged short interest at 19.5% of the float. More than 335 million shares of Progenity stock were traded Tuesday, and it was the most actively traded stock on Wednesday’s premarket as well.
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