3 Meme Stocks to Watch Amid the GameStop Stock Slide

All three stocks are trending on Stocktwits.com today

Deputy Editor
Jun 8, 2023 at 12:32 PM
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GameStop, the king of meme stocks, is eyeing its worst day since 2021, after losing its fifth CEO in just as many years, and turning in a dismal first-quarter report. In response, retail traders are reassessing their positions on other meme stocks, with AMC Entertainment Holdings Inc (NYSE:AMC), Mullen Automotive Inc (NASDAQ:MULN), and Palantir Technologies Inc (NYSE:PLTR) all trending on Stocktwits.com this afternoon. 

AMC Entertainment Takes a Step Back

Arguably one of the most popular meme stocks, AMC Entertainment stock was last seen 3% lower to trade at $4.59 following GameStop's event. On a closing basis, the $4.50 level is acting as floor, after AMC slid below the area in early April following a fall from its year-to-date highs. Up 12.8% in 2023, the shares are down nearly 45% over the last 12 months. Short interest is also down 23% over the last month, and the shares sold short account for 20.5% of AMC's total available float.

Options traders are likely cheering the recent negative price action, as puts are more popular than usual. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day put/call volume ratio ranks higher than 90% of readings from the past year. 

Mullen Automotive Puts Pop

Suffering even more today, Mullen Automotive stock was last seen 10.7% lower at 46 cents per share. The stock is down nearly 100% on both a year-to-date and year-over-year basis, yet options traders seem to think MULN's floor is yet to be found..

This is per today's options activity, which shows bearish bets running at double the intraday average amount. However, new positions are opening at the most popular contract, the October 0.50 call, which is followed by the weekly 6/9 0.50-strike put. 

A broader look shows the security's 10- and 50-day put/call volume ratios at the ISE, CBOE, and PHLX stand in the 91st and 94th percentile, respectively. Meanwhile, short interest jumped 88.7% in the most recent reporting period, and the shares sold short represent 19.9% of Mullen Automotive stock's total available float. 

Palantir Technologies Brushes Off Retail Fears

In contrast to its meme-stock brethren, Palantir Technologies stock is up 5.2% at $125.45 at last glance. The company yesterday signed a multi-year agreement with Panasonic Energy of North America to deliver an operations "Smart Factory" in Sparks, Nevada. 

After the news, PLTR jumped to an 18-month high, but ultimately turned in a 5% loss yesterday; however, today's gains put the equity on track for its third win in four sessions. Shares are up 140.4% in 2023, and hold a 68.2% year-over-year lead.


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