GameStop (GME) and AMC (AMC) weren’t the only stocks caught up in this week’s meme craze. Shares of flag bearers in a short-lived rally continued to fall on Friday, but meme-related small-cap stocks were still rising and poised to end the week higher.
For example, EV startup Faraday Future (FFIE) rose 122% on Friday. The stock is on pace to rise 7,900% in the week. Over the past 24 hours, Faraday Future was the third most mentioned stock on Reddit’s WallStreetBets forum, behind the SPDR S&P 500 ETF (SPY) and Nvidia (NVDA), according to the web data firm. thinknum.
“It’s just like 2021,” retail trader and YouTuber Matt Koes told Yahoo Finance. [during the meme rally]”People seem to be targeting stocks with high short interest,” he said, noting that Faraday Future’s short interest is about 94% of its float.
Other stocks that were heavily shorted during the session were Crown Electrokinetics (CRKN), which rose more than 70%. The Oregon-based small-cap fiber optic and smart glasses company is on track to end the week up an impressive 915%.
GreenWave Technology Solutions (GWAV) is up over 500% for the week. The Virginia-based microcap metal recycling company was up 90% on Thursday, as the overall market rally was beginning to unwind.
SunPower (SPWR) was on pace to end the week up 29% after surging on Monday and Tuesday. Solar stocks rose 5% on Thursday, breaking GameStop’s three-day downward spiral.
Microcloud Hologram (HOLO), another solar power stock, rose 6% on Friday, capping off a week of gains. Microcaps will end a volatile week up around 22%.
This week’s meme action began on Monday with the reappearance of Keith Gill, also known as “Rolling Kitty.” The GameStop bull incident ignited a rally in meme stocks in 2021.
Analysts expect this week’s action to be short-lived.
“Trading in meme stocks tends to only occur when sentiment is extreme,” Peter Atwater, president of Financial Insights and adjunct professor at William & Mary, told Yahoo Finance earlier this week.
“This is another mood indicator that the market is reaching a point where we should expect some meaningful decline,” he added.
GameStop fell about 30% on Friday after the company filed for sale. 45 million new shares Acquisition and public offering of common stock Preliminary sales for the previous quarter decreased From the same time last year.
GameStop stock is expected to end the week up about 17%. AMC (AMC) has closed up 54% over the past five days.
Ines Ferre is a senior business reporter at Yahoo Finance. Follow her on X @ines_ferre.
