Strong retail inflow vs lagging interest in favorites
09/09/2021 16:50
** Retail investors were net sellers of favorites such as AMC
Entertainment AMC.N , NIO Inc NIO.N and Palantir
Technologies PLTR.K in the past week, despite strong overall
inflows, data from JPMorgan showed
** JPMorgan's Peng Cheng wrote that retail inflow was $664
mln/day compared with a 12 month average of $580 mln
** But Cheng highlighted outflows of $46 mln from NIO and
PLTR and $33 mln outflows from AMC
** Meanwhile a handful of so-called meme stocks attracted
significant retail buying relative to their market caps with
Vinco Ventures BBIG.O whose market cap was $886 mln at the
time of writing seeing $133 mln retail net buying, and Sphere 3D
ANY.O , with a market cap of $402 mln seeing buying of $54 mln
** Retail market orders accounted for 17-27% of the total
volume on all of these names, Cheng wrote
** On Thursday AMC, one of the original meme names, was down
0.1% at $47.34 vs its peak of $72.62 reached on Jun 2
** NIO was up $1.0 but a far cry from its Jan 11 record of
$66.99 while PLTR was up 1.9% at $ vs its record high of $45
reached on Jan. 27
** Some of the more recently fledged meme stocks were
falling on Thursday with ANY up 0.2% at $7.10 vs its most recent
peak of $11.98, reached on Sept. 2 and BBIG up 0.4% at $10.26
after hitting a record of 412.49 in the previous day's session
** Another retail favorite, GameStop Corp GME.N , was down
5.3% on Thursday after its quarterly results and executive
commentary failed to inspire urn:newsml:reuters.com:*:nL4N2QB2FI
(Reporting By Sinéad Carew)
((sinead.carew@thomsonreuters.com; +1 (646) 223 6186; Reuters
Messaging: sinead.carew.thomsonreuters.com@reuters.net))