GameStop (GME) and AMC (AMC) weren’t the only stocks caught up in this week’s meme craze. While shares of the short-lived rally’s flag bearers continued to unravel Friday, smaller meme-related equities were still soaring, poised to end the week with higher gains.
For example, EV-related startup Faraday Future (FFIE) gained 122% on Friday. The stock is on pace to gain 7,900% for 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 web data company Thinknum.
Retail trader and YouTuber Matt Kohrs told Yahoo Finance, “Similar to 2021 [during the meme rally], people seem to be targeting equities with high short interest,” noting Faraday Future’s short interest sits at roughly 94% of the float.
Other heavily shorted stocks that moved higher during the session include Crown ElectroKinetics (CRKN), up more than 70%. The Oregon-based fiber optics and smart glass small-cap company is on pace to end the week up a whopping 915%.
Greenwave Technology Solutions (GWAV) was up more than 500% for the week. The micro-cap, Virginia-based metal recycling company gained 90% on Thursday as the rest of the overall meme rally was unwinding.
SunPower (SPWR) was on pace to close out the week up 29% after soaring on Monday and Tuesday. The solar-related stock gained 5% on Thursday, decoupling from GameStop’s three-day downward spiral.
MicroCloud Hologram (HOLO), another solar play, was up 6% Friday, capping off a week of gains. The micro cap is set to end the volatile week up about 22%.
This week’s meme action started on Monday following the re-emergence of Keith Gill, also known as “Roaring Kitty,” whose bull case on GameStop ignited the meme stock rally back in 2021.
Analysts anticipated this week’s action would be short-lived.
“The meme stock trades tend to only occur at extremes in sentiment,” Peter Atwater, president of Financial Insyghts and adjunct professor William & Mary, told Yahoo Finance earlier this week.
“This is yet another mood indicator that the markets are reaching a point where we should expect some sort of a meaningful pullback,” he added.
On Friday, GameStop fell roughly 30% after the company filed to sell 45 million new shares of common stock and revealed preliminary sales fell last quarter from the same period last year.
GameStop shares are set to end the week up about 17%. AMC (AMC) is on pace to close up 54% over the past five days.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
