The broad markets pulled back on Wednesday after the Federal Reserve gave its outlook on the market. While the Fed might not be hiking rates anytime soon, there\u2019s a path toward that after seeing the inflation that has taken place. Despite this, markets, and tech in particular, fell on Wednesday. Meme stocks seemed to get the worst of it.<\/p>\n
The WallStreetBets (WSB) community has been a resounding force in the market since January, causing many investors to reevaluate their positions and institutions to reconsider some of their bearish bets.<\/p>\n
Some of the biggest names in play over the past several months have been GameStop Corp. (NYSE: GME) and AMC Entertainment Holdings Inc. (NYSE: AMC). A lot of the targeting by the WSB community has been surrounding companies that are heavily shorted and crowding that trade, in turn forcing a short squeeze. While these companies were the first round of WSB targets, they have expanded from there into more stocks.<\/p>\n
Here 24\/7 Wall St. takes a quick look at what these stocks are doing and what may be the next targets.<\/p>\n
Even Jim Cramer had something to say about these meme stocks, but the ratio on the tweet was not favorable.<\/p>\n
Clover Health Investments Corp. (NASDAQ: CLOV) stock closed Wednesday down 6% to $12.95 a share, in a 52-week trading range of $6.31 to $28.85. Only 40 million shares moved on the day, versus an average of 48.3 million.<\/p>\n
GameStop was one of the few meme stocks to make it out of the day on a positive note. Diamond hands seem to be a factor here. The stock ended Wednesday up 0.2%, at $222.97 in a 52-week range of $3.77 to $483.00.<\/p>\n
Canoo Inc. (NASDAQ: GOEV) suffered some of the most out of the group, with its shares down about 8%, closing at $10.20. The 52-week range is $6.51 to $24.90.<\/p>\n
Palantir Technologies Inc. (NYSE: PLTR) was another stock that made it out of Wednesday alive, but it seems to be getting support not just from WSB but from a broader base of investors as well. The stock closed up about 1.6% at $24.80, within a 52-week range of $8.90 to $45.00.<\/p>\n
Petco Health and Wellness Co. Inc. (NASDAQ: WOOF) got some of the worst price action on the day, down about 10% closing at $22.85, in a 52-week range of $17.86 to $31.08.<\/p>\n
AMC stock closed down about 6.5% to $55.15 a share, in a 52-week range of $1.91 to $72.62. About 165 million shares moved on the day, compared with an average volume of 146.5 million shares.<\/p>\n
BlackBerry Ltd. (NYSE: BB) shares dipped about 8% to $12.88, in a 52-week range of $4.37 to $28.77. The average volume for the stock is 39.5 million, but Wednesday about 43.6 million shares changed hands.<\/p>\n<\/p>\n