fell Monday, returning early morning gains after retailers changed their view of the stock.
The Hong Kong-based business-to-business platform completed its IPO on the Nasdaq on Thursday, opening shares at $19.20, or 56.7% above its IPO price of $12.25. The next day, GigaCloud (ticker:
) caught the attention of retailers, whose trading activity caused the stock to close at $48.01 in its second session — a 206% increase from Thursday’s closing price.
Mentions of GigaCloud skyrocketed on online forums such as Reddit and Stocktwits after the company’s stock market debut. GigaCloud’s messaging volume rose 14% on Friday, according to Stocktwits, while investor sentiment rose 0.08%.
The New York Stock Exchange halted trading in the stock 16 times Friday due to volatile trading activity, a trait that has characterized other stocks beloved by meme stock traders.
GigaCloud was up a whopping 29% when the market opened on Monday, but has since made a complete turnaround, with its stock falling 25% to $36.01. Other meme stocks also struggled.
“Meme stocks, which were hit particularly hard this year during the market sell-off, have been making a comeback in recent weeks as the market recovers,” said David Trainer, CEO of New Constructs, an investment research firm based in Nashville. “Just as the reckless meme stock frenzy of January 2021 died down, we believe this latest spike in meme stocks will be short-lived.”
) fell by 36.9%. The company debuted its “APE” special preferred stock dividends, which fell 4.6% today. AMC will issue nearly 517 million APE units — one for each share of common stock outstanding, the company said. In addition, fellow move theater chain
said it was considering filing for bankruptcy in the US
) fell by 4.7%.
Bed Bath & More
) fell 11.3% on Monday. The stock’s ratings were downgraded Monday to “CCC” by S&P Global Ratings, which said “macro conditions are deteriorating and the outlook for household goods sales continues to deteriorate.”
Last Friday, activist investor Ryan Cohen sold his entire stake in Bed Bath & Beyond for $178 million, causing the stock to plummet.
Write to Sabrina Escobar at [email protected]