Big meme names were having a rough Wednesday morning, but Palantir and Smile Direct Club stocks are flying.
Shares of big data analytics firm Palantir Technologies /zigman2/quotes/221054928/composite PLTR -2.38% and teledentistry operation. SmileDirect Club /zigman2/quotes/214109287/composite SDC -4.91% took moves upward in early trading thanks in large part to surges of sudden interest from retail investors on social media.
For Palantir, the morning action appeared to be a continuation of investors response to Tuesday’s aftermarket news that the company said it won a $823 million US Army contract for its anti-terrorism “Palantir Gotham” platform.
Shares popped more than 7% at the opening bell and were holding on to a 2.6% gain close to midday.
For SmileDirect, the long-held philosophy that correcting COVID-faded smiles are a reopening play were boosted by Tuesday’s announcement that the company will get patent approval on its mobile dentistry “SmileBus” concept .
Investors HODLing SmileDirect were grinning on Tuesday after the stock closed up more than 12%, and continued to smirk on Wednesday as the stock had eked out an almost 4.6% gain at midday.
On Reddit, SmileDirect bulls were positing that short-selling hedge funds would show real resistance if the stock hit $6.50 a share. SmileDirect was trading at almost $6.15.
Palantir and SmileDirect were the top two trending tickers on HypeEquity, which tracks social media volume on individual names.
But for mainstay meme stocks, there was more frowning than smiling on Wednesday morning.
GameStop was down more than 1.5% on the day and 4.8% on the week, while AMC was down just over 3%, and more than 7% for the week.
And one stock that looked meme-y but appears to have lost all of its meme steam is Camber Energy Inc. /zigman2/quotes/201242655/composite CEI -5.10% , which was down more than 18% midday Wednesday, continuing a massive pullback after surging more than 285% in September, and is now trading below where that move started.