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Meme Stock Movers for 10/21: Camber Energy, ContextLogic, Tesla, Vinco Ventures

24/7 Wall St.
24/7 Wall St.
 2021-10-21

https://img.particlenews.com/image.php?url=3aiUUS_0cYBe5dK00 U.S. markets closed mixed on Wednesday, with the Dow Jones industrials and the S&P 500 up moderately and the Nasdaq down slightly. In Thursday's futures trading, all three are down fractionally. Crude oil traded down by less than 1%, and 10-year Treasury yields were essentially flat at 1.67%.

Bitcoin was Wednesday's driver. The cryptocurrency posted a new all-time high but pulled back by about 1.7% early Thursday. Bitcoin-mining firm Stronghold Digital Mining Inc. (NASDAQ: SDIG) came public at $19 and closed up 52% at $28.90. Shares traded down more than 3% in the premarket.

Among Thursday's early movers was Digital World Acquisition Corp. (NASDAQ: DWAC), a SPAC that former President Donald Trump has announced would merge with his nascent social media company, Trump Media and Technology Group. According to a joint press release, the planned transaction values the company at $825 million and includes a potential earn-out provision that could double the valuation. Digital World's stock traded up almost 15% in Thursday's premarket, while the publicly traded warrants traded up more than 300%.

Now back to the meme stock news. Vinco Ventures Inc. ( NASDAQ: BBIG ) was Wednesday's big loser on our watch list. The stock closed down about 18% and slipped another 1.7% in Thursday's premarket. Wednesday's morning announcement that the company had named a new president and would change its name to Zash apparently failed to impress investors. Trading volume of more than 84 million shares was about 50% higher than the daily average of 56 million.

Camber Energy Inc. ( NYSEAMERICAN: CEI ) added 7.1% to its share price on Wednesday to close at $1.82. More than 6% of that gain has been lost before regular trading opened on Thursday, and shares traded at $1.71. The company had no specific news and did not file more reports with the Securities and Exchange Commission.

ContextLogic Inc. ( NASDAQ: WISH ) jumped by 14.5% on Wednesday and was up by less than 1% in Thursday's premarket. The stock is still one of the most discussed on social media, with positive sentiment running high. As we noted in our midday report Wednesday , the company had no specific news except to announce the date of its quarterly earnings report.

Tesla Inc. ( NASDAQ: TSLA ) was the most talked-about stock on social media Thursday morning. While not strictly a meme stock, this one is hard to avoid because CEO Elon Musk's tweets draw a lot of comments. The company reported quarterly results after markets closed Wednesday that beat Street estimates on both profits and revenue. In its outlook statement, Tesla said it expects 50% manufacturing growth over a "multiyear horizon" and that the rate of growth depends on "our equipment capacity, operational efficiency and the capacity and stability of the supply chain."

Analysts have been boosting their price targets on Tesla stock, with Wedbush lifting its 12-month target from $1,000 to $1,100 per share to go with the firm's Outperform rating. FactSet already counts eight targets above $1,000. Wedbush's long-term bull case calls for a share price of $1,500.

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