- NYSE:AMC added 0.05% on a relatively quiet day for meme stocks.
- Clover Health stole the spotlight from AMC and GameStop in an SEC filing.
- Torchlight was the other major meme stock mover on Wednesday.
NYSE:AMC had an uncharacteristically quiet day on Wednesday, as the new leader of the WallStreetBets movement remained flat. AMC still had a high daily trading volume of nearly 115 million shares changing hands, but the stock gained only 0.05% on the day to close the session at $58.30. It’s hard to know if the momentum for this particular short squeeze has run its course, but if you ask social media based retail investors, they are still holding their shares tightly with their diamond hands.
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It wasn’t AMC or GameStop (NYSE:GME) that was making noise on the stock market on Wednesday. It was the recent Chamath Palihapitiya SPAC merger Clover Health (NASDAQ:CLOV) that was back in focus. Clover actually warned the markets in an SEC filing that a considerable amount of its shares were held in short positions, and that the stock would be a continuous target for short squeezes moving forward. Well, that’s all short squeeze hunters needed to hear, as the stock gained 9.50% during Wednesday’s session, to lead all meme stocks for the day.
The big meme stock loser on the day was relative newcomer Torchlight Energy Resources (NASDAQ:TRCH), which tumbled by 29.71% during the session. Like any reasonable company, Torchlight took advantage of its sudden meme stock status by selling an upsized offering of $250 million. Coincidentally, Wednesday was also the ex-dividend date for a special one-time dividend that is anticipated to be paid out on June 25th to shareholders of record. Stocks that are paying out dividends do have a tendency to drop on the ex-dividend date, as investors lock in the dividend and reallocate their capital elsewhere.
