Meme Socks Buzz: Clover Health (CLOV), GameStop (GME), AMC Stock

The meme stock mania has reared its head again and some of the favorites are back in play. At the end of the week, many of those meme stocks like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC) had suffered from a bout of selling pressure.

However, this morning, the retail traders seem to have taken back control of the stocks. The meme stock phenomena have been the highlight of the year so far in the markets as many heavily shorted stocks soared due to concerted efforts from retail investors. The heavy buying usually leads to short sellers buying back their shares and thereby sending the stocks even higher.

AMC and GameStop are two of the more popular meme stocks at this point. This morning the theatre operator saw its stock soar by 16% and while the gains are substantial, it should be noted that the AMC stock has not hit the psychologically vital mark of $60 a share. That said, one should remember that the AMC stock has soared by 467% since the early days of May.

Whole AMC has continued on its merry ways this morning, the same has happened in case of GameStop as well. The stock, which is one of the most famous targets of the Reddit community WallStreetBets, has managed to clock gains of 11% so far this morning.

The GameStop stock has had one of the most remarkable runs in the market in 2021 and has managed to deliver gains of 1400% this year so far. The company currently commands a market cap of $19.4 billion.

In this regard, it is perhaps also necessary to point out that many of the investors who latched on to GameStop have also managed to show remarkable resilience and stuck with the stock through difficult times as well. Experts now believe that in this fresh rally in meme stocks like GameStop many of these investors might end up recording more gains. It might be interest to track these stocks this week.

Clover Health Investments Corp (NASDAQ:CLOV) is another buzzer among the forum traders as the stock soared a whopping 82% to $21.75. The stock made a new high today as well.

88 Energy Ltd (EEENF) Stock Attempts To Recover: What Next?

The 88 Energy Ltd (OTCMKTS:EEENF) stock was in considerable focus among investors on Monday and it is easy to see why. Yesterday, the company announced that it signed an agreement with Alaska Peregrine Development Company by way of which it is going to acquire 50% working interest in Project Peregrine.

The project is located in Alaska. Although the stock plummeted after the announcement was made initially, it ended the day with gains of 8%. Considering the movement in the stock over the course of Monday, it might be a good idea for investors to take a closer look at the deal.

In this regard, investors need to note that once this acquisition is formally completed, 88 Energy is going to have working interest of 100% in the project. In a statement, the company stated that this agreement is going to allow it to continue to explore for oil at some point in the next winter.

As per the terms of the agreement, 88 Energy will be paying $14 million in the form of shares. However, there are going to be certain stipulations in this regard. Overriding royalty interest to the tune of as much as 1.5% is going to be given to Alaska Peregrine Development Company and milestone cash payments of $10 million has also been agreed upon.

The move in the stock came about after it had been trading flat for several weeks. In this context, it should be noted that in back in April the 88 Energy stock suffered a massive single day decline after it emerged that there had been a power outage due to equipment failure at two of its highest prospect zones.

That had led to panic selling in the stock. However, another announcement some days later with regards to the update about 88 Energy’s drilling activities in Alaska had resulted in a mild recovery.

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