Exela Technologies (XELA) – Get report, Powerbridge Technologies (PBTS) – Get report and other lesser known companies, including Verb Technology (VERB) – Get report, Borqs Technologies (BRQS) – Get report and BSquare (BSQR) – Get report They all traded higher Wednesday amid continued hype on the messaging platform Reddit, as meme stocks are poised for additional earnings “to the moon.”
Exela shares were up 61% in pre-market trading after rising 59% on Tuesday, with more than 400 million shares changing hands, well above the 12-month average daily volume of less than 7 millions. The stock has gained 88% to date.
Meanwhile, Powerbridge Technologies rose more than 33% in pre-market trading after doubling on Tuesday when 40.8 million shares changed hands, substantially above the 12-month average of around 560,000.
Both companies were part of the dialogue that took place on various sub-Reddits, messaging platforms that retailers have approached to discuss public companies that they think they can collectively bid higher and make a quick profit on. .
Exela and Powerbridge together with Verb, Borqs, BSquare, UTStarcom (UTSI) – Get report and Inpixon (INPX) – Get report were among those mentioned on sub-Reddit r / RobinHoodPennyStocks as well as in StockTwits.
TheStreet founder Jim Cramer had a direct response to at least one stock of memes – Marin Software (MRIN) – Get report – whose shares fell 25% in pre-market trading on Wednesday after having gained more than 900% since June 24.
“The Marin Software volume is a mockery of a sham,” Cramer said on Twitter.
Classification ‘To the Moon’?
Real money taxpayer Timothy collins noted in his column on Tuesday that the frenzy of meme stocks in general, and the calls of “To the Moon” for the likes of GameStop (GME) – Get report, AMC Entertainment (AMC) – Get report and even the meme coin Dogecoin, were arguably a clearer signal than the often opaque and complex way Wall Street analysts tout the stock.
“What exactly does ‘To the Moon’ mean?” Collins asked in his column. “I guess’ To the Moon ‘ranks right up there with’ Strong Buy ‘or’ Conviction Buy.” Maybe we’ll add ‘To Mars’ or ‘To Saturn’ as an even higher rating.
“But the point is Wall Street has been arbitrary for years, “Collins said.” We can’t even have a standard classification system. Is it ‘Neutral’ or ‘Hold’? And really, do I want to hold something that’s only in the middle of your range? Not.
“The system should be ‘Buy’ or ‘Sell’. That’s. Black or white. It owns or does not own. But we live for the arbitrary, “Collins said.” For Sale. Makes headlines. He sounds smart, sophisticated, and polite.
“It’s really no better than double-secret probation. Either you’re on probation or you’re not, like you’re a bull or a bear.”