Midday Meme Stock Report for 9\/24: Camber Energy, Canoo, Cellect Bio, Naked Brands

Tech stocks were holding down the Nasdaq Composite index Friday morning, while the Dow Jones industrials and the S&P 500 traded just fractionally below the break-even line. The 10-year Treasury note traded at 1.447%, its highest level since July, but still more than 30 basis points below its 52-week high.

On the other side of the ledger, bitcoin traded down about 6%, just under $42,000, after dropping below $41,000 earlier following news of China’s ban on virtually everything related to cryptocurrency trading or mining. We had a look earlier at how eight crypto miners were faring, and the answer is not too well.

As for meme stock movers in the first half of Friday’s regular trading session, losers outnumbered winners in roughly the same proportion as the overall market.

Among Friday’s winners was Naked Brand Group Ltd. (Nasdaq: NAKD), an Australia-based manufacturer and seller of intimate apparel and swimwear for men and women. The company’s CEO released a shareholder letter Friday morning, updating the company’s plans for finding a “disruptive” merger or acquisition in “the clean technology sector.” The company has $270 million in its war chest, and CEO Justin Davis-Rice believes “the path to a definitive agreement is in sight.”

Another stock posting a double-digit gain in the noon hour Friday was Camber Energy Inc. (NYSEAMERICAN: CEI). The company popped onto our radar earlier this month when it was trading at less than $0.50 a share and trading volume began soaring. Here’s a post from early September summarizing some of the company’s recent moves.

Electric vehicle maker Canoo Inc. (NASDAQ: GOEV) was the most-discussed stock on social media Friday. The stock trades a fairly low average daily volume, but short interest in the shares is around 30%, an attractive point for investors looking to drive a short squeeze.

Friday’s big loser thus far was Cellect Biotechnology Ltd. (NASDAQ: APOP). Israel-based Cellect Bio completed a 1-for-4 reverse split after markets closed Thursday and, on a split-adjusted basis, the stock closed at $24.04. The stock doesn’t draw much attention on social media, probably due to its low daily average trading volume and low short interest.

Cellect traded down more than 22% in the noon hour Friday to $18.68, in a split-adjusted range of $1.65 to $22.47. The average daily trading volume is about 1.9 million shares, and only about 155,000 had traded so far on the day.

Shares of Canoo traded up about 14.6%, at $8.50 in a 52-week range of $5.75 to $24.90. Almost 14 million shares had traded thus far today, compared to a daily average of around 2.9 million.

Naked Brands was up more than 16%, at $0.69 in a 52-week range of $0.07 to $3.40. The average daily trading volume is around 33.6 million shares, and more than 209 million had already changed hands.

Camber Energy traded up more than 18% to $2.24, in a 52-week range of $0.33 to $3.10. More than 201 million shares had traded, compared to a daily average of around 69.4 million.

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