Meme Stock Movers for 10\/14: Camber Energy, Offerpad, Plug Power, SoFi

Premarket data for Thursday indicated that investors like what they have heard thus far from a slew of earnings reports. Four of five big banks that reported quarterly results traded up by more than 1% and two Dow Jones industrial stocks were up more than 2% following their earnings reports. Taiwan Semiconductor traded up by 3.7% after beating estimates and raising fourth-quarter revenue guidance. The weekly report on new claims for jobless benefits came in at 293,000, well below the consensus estimate of 332,000. September’s core producer price inflation number came in at 0.2%, compared to a consensus estimate for an increase of 0.5%.

Among meme stocks, online real estate broker Offerpad Solutions Inc. (NASDAQ: OPAD) traded up by more than 30% early Thursday but that jump was been cut by more than half afterward. The company had no specific news. On October 1, the company registered around 240 million class A shares (including stock issuable upon exercise of warrants). Short interest based on the float from those shares was not available yet, but of the 2.8 million floated shares in the most recent count, about half were sold short.

Camber Energy Inc. (NYSEAMERICAN: CEI) on Wednesday filed a notice that it has reached agreements with two preferred stock investors, one of which holds three promissory notes from the company for $20.5 million, that will prevent a breach of terms and force immediate acceleration of the notes. Camber has agreed to file all required SEC reports by November 19 and to create and maintain “as soon as possible but no later than December 31, 2021, a sufficient reserve from its duly authorized Common Stock for issuance of all Conversion Shares.” The stock closed down about 1.4% on Wednesday and traded down about 7% in Thursday’s premarket.

Plug Power Inc. (NASDAQ: PLUG) closed up about 12.8% on Wednesday and traded up another 1.8% in premarket trading Thursday. We noted in our midday report Wednesday that the company announced two partnerships that investors viewed as adding bulk to the hydrogen fuel cell maker’s plans.

Shares of SoFi Technologies Inc. (NASDAQ: SOFI) closed slightly lower Wednesday but traded up more than 4% in Thursday’s premarket session. The company had no specific news, but may still be basking in the glow of Morgan Stanley’s initiation of coverage on the stock with an Overweight rating and a price target of $25. At the most recent closing price, the implied gain to the $25 price target is 32%.

Source: Read Full Article