AMC, GME and CLOV had volatile prices on the charts this week
After a wild week, investors are still watching some volatility Meme stocks. AMC Entertainment Holdings Inc (NYSE: AMC) The stock suffered a 13.2% decline yesterday, breaking its previously supportive 10-day moving average, and has hovered above and below the flatline to this day – most recently up 0.6% to $ 43.07. The Cinema stock has fallen from its June 2 high of $ 72.62, but short rates still account for an impressive 181.6% of the stock’s available working capital. Meanwhile, analysts are wholeheartedly pessimistic about the social media-backed stock, with three of the four showing a tepid “hold” in coverage while one showing a “strong sell”. Since the start of the year, AMC is still up nearly 2,000%.
The shares of GameStop Corp (NYSE: GME) suffered a After-profit carries a gap yesterday with a minus of 27.2%. However, equity is up 7.1% today, trading at $ 236.16 on the last review. Although GME enjoyed long-term help from its 80-day moving average during its Reddit-fueled surge, the $ 350 level served as the cap on the stock’s two most recent breakouts. Elsewhere, puts run twice as high as they normally would in the option pits, although calls win on an absolute basis, with 55,000 calls and 40,000 puts on the tape. The most active option is the weekly 6/11 250 strike call, followed by the 200 strike put in the same session, both of which open new positions. This means that many traders are speculating on GME’s price movement until the contract expires at the end of today.
Last, Clover Health Investments Corp (NASDAQ: CLOV) is on track for its third straight loss after shooting record highs earlier this week, down 3.6% and trading at $ 13.82 on the last review. Since the beginning of the year Health stock remains behind by 17.6%. CLOV is still seeing unusual option activity today, with the total volume being double the intraday average. To date, 76,000 calls and 51,000 puts have crossed the band, with the June 20 call seeing the most activity.