HLBZ - Magic Empire (MEGL) Stock Spikes 80% in Meme Stocks Frenzy
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Magic Empire (NASDAQ:MEGL) stock is rising higher on Monday as the return of meme stocks rallies the financial services company’s shares.
Magic Empire is a recent addition to the market with an initial public offering (IPO) that saw shares take off. Further jumps in price occurred last week as meme stock traders took an interest in MEGL shares.
However, with meme trading comes incredible volatility. As a result, shares of the company’s stock experienced a 90% drop during trading last week as speculation over the company cooled down.
And yet here we are writing about MEGL stock again. Increasing interest in this meme stock is fueling heavy trading volume today. As of this writing, more than 45 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 6.3 million shares.
What Does This Mean for Traders?
Investors searching for stocks that experience massive gains may want to keep an eye on the meme market. While it’s unlikely to reach the same levels of meme stock trading in 2021, there’s potential for gains. Just go into any investment understanding the increased risk for losses if the meme stock market comes cratering down.
MEGL stock is up 87.2% as of Monday afternoon.
There’s plenty of more stock market news that traders will want to know about below!
InvestorPlace has all of the most recent stock news to keep track of on Monday! Among that is what has shares of Plus Therapeutics (NASDAQ:PSTV), Helbiz (NASDAQ:HLBZ), and Toughbuilt Industries (NASDAQ:TBLT) in the news today. You can catch up on all of these topics at the following links!
More Monday Stock Market News
- Why Is Plus Therapeutics (PSTV) Stock Up 38% Today?
- Why Is Helbiz (HLBZ) Stock Up 10% Today?
- TBLT, USWS: The Top 5 Short Squeeze Stocks to Watch This Week
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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