Those who closely follow the stock market are not unfamiliar with ‘meme stocks’. You may wonder what are meme stocks: they are stocks that go viral by spreading online, leading to a spike in prices.
In response to a surprise development or a catalyst, shorted stocks are more likely to be purchased by buyers. The stock price surges quickly and significantly as a result of the short-sellers being forced to cover their positions (getting squeezed out).
Recent years have seen a rise in the popularity of meme stocks. Shares of GameStop (GME) rose dramatically in January 2021, causing widespread publicity. WallStreetBets traders purchased stock in GME as hedge funds announced they were shorting the stock.
Rather than factors such as growth in production driving meme stock prices, online forums, and social media platforms usually contribute to the price increase. Increasing their value rapidly causes these stocks to become overvalued over time.
With over 52.18 million Palantir Technologies Inc. (PLTR) shares trading Friday and a closing price of $24.90 on the day, the dollar volume was approximately 52.18 million. The shares have shown a positive weekly performance of 14.12% and its price on 08/13/21 gain nearly 0.04%. Currently, there are 1.89B common shares owned by the public and among those 1.49B shares have been available to trade.
According to WSJ, Palantir Technologies Inc. (NYSE: PLTR) obtained an estimated Hold proposal from the 9 brokerage firms currently keeping a deep eye on the stock performance as compares to its rivals. 3 equity research analysts rated the shares with a selling strategy, 5 gave a hold approach, 1 gave a purchase tip, 0 gave the firm overweight advice, and 0 put the stock under the underweight category. The average price goal of one year between several banks and credit unions that last year discussed the stock is $23.61.
Virgin Galactic Holdings Inc. (NYSE: SPCE) is 6.91% higher on its value in year-to-date trading and has touched a low of $14.27 and a high of $62.80 in the current 52-week trading range. The SPCE stock was last observed hovering at around $25.37 in the last trading session, with the day’s loss setting it -2.20% off its average median price target of $35.00 for the next 12 months.
SPCE stock lost -23.97% during the last week and fall -20.07% over the last one-month period. Shares of this company’s stock rose 56.80% throughout the last quarter. Within the last six months, the stock has decreased -53.48%, with a full-year gain of 35.16%. At the time of writing, this stock’s year-to-date (YTD) price performance is now positive at 6.91%.
Clover Health Investments Corp. (NASDAQ: CLOV) started the day on 08/13/21, with a price decrease of -8.77% at $8.22. During the day, the stock rose to $8.90 and sunk to $8.20 before settling in for the price of $8.22 at the close. Taking a more long-term approach, CLOV posted a 52-week range of $6.31-$28.85.
Multiple groups of Wall Street analysts have recently been drawn to the CLOV stock, with those at JP Morgan Downgrade the stock to an “Underweight” a Neutral. The analysts released their assessment via a research note they published on July 12, 2021. Analysts at BofA Securities maintained their earlier rating, although they did raise the stock’s price target to $10. Over at BofA Securities, the analysts restated the earlier stance about Clover Health Investments Corp. shares, rating the shares “a Neutral.” in a note released May 17, 2021. The analysts have also fallen their price target for CLOV from $$15 to $$9.