Meme stock frenzy begins to fizzle

Meme stocks have made a return after popular Reddit contributor Keith Gill, also known as “Roaring Kitty,” returned to social media. Stocks like GameStop (GME) and AMC Entertainment (AMC) saw a bump in trading but, as of Friday afternoon, are showing signs of fizzling out. Other companies, including small-cap stocks like Faraday Future Intelligent Electric (FFIE) and Greenwave Technology Solutions (GWAV) were caught up in the meme craze, seeing triple-digit percentage gains for the week.

Yahoo Finance Reporter Ines Ferré joins Market Domination to break down the movements in meme stocks.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Nicholas Jacobino

Video Transcript

All right.

Finally.

Let’s look at, uh, Gamestop a MC Stocks sinking today after the me madness returned this week.

But they weren’t the only stocks caught up in the crazy finances in Fray is here to take a deeper look at some of the smaller names that saw some big moves this week.

It is, Yeah, Josh.

So everybody has heard of Gamestop and AMC.

But have they heard of Faraday?

Future intelligent electric?

Well, I hadn’t either until we saw what this stock was doing.

This is a micro cab stock.

It is a company that’s worth about $20 million.

Take a look there.

You’re looking at it down 29% but it was up more than 100 and 20% today over the past week.

At one point, it was up more than 7000% for the last week.

On Monday, the stock was trading at six cents.

This earlier today was trading at over $3 a share.

Now you are seeing it at over $1 a share.

It’s incredible what has happened with some of these stocks.

Faraday, by the way, was the third most mentioned ticker on Reddit’s sub for Wall Street bets.

It was behind NVIDIA and behind Spy for the Spider, ETF S and P 500 ETF.

Another stock that was going crazy this week as well, is called Crown Electro Kinetic.

That stock, uh, for the week is up more than 200%.

That’s a fibre optics and a smart glass micro cap company.

Also Green Wave Technology.

This is a Virginia based metal recycling company, Sun Power.

Also this week is up for the week after a crazy, uh, a few days and micro cloud hologram.

That’s another solar play that was up to more than 6% at one point.

For the week, it’s up about 22%.

A theme that you see among a lot of these smaller companies is that they are very small companies, and the short interest on them tend to be really high.

For Faraday, future short interest was more than 92% of the float, so obviously any move is exacerbated.

Guys