Shares of Faraday Future, SunPower, MicroCloud Hologram and other memes surge, lifted by another meme-stock revival

By James Rogers

The latest post from influential trader Keith Gill has lifted shares of original meme stocks GameStop and AMC, as well as other heavily shorted names

The latest post from influential trader Keith Gill, aka Roaring Kitty, sent shares of original meme stocks GameStop Corp. and AMC Entertainment Holdings Inc. soaring in premarket trades Monday, while lifting other heavily shorted names.

GameStop's (GME) stock was up 78.6%, boosted by a post from the influential trader, which appeared to show a big stake in the videogame retailer. AMC (AMC) shares were up 23.3% premarket. On Sunday, Gill posted a screenshot on Reddit, which appeared to show his holdings. MarketWatch could not verify the authenticity of the screenshot. Gill also made a cryptic post on X, formerly known as Twitter, posting a green "reverse" card from Uno.

Last month Gill's return to social media fueled a rally in the companies at the heart of the original meme-stock rally. Its influence extended to a number of other stocks.

Read more: GameStop stock rally: Roaring Kitty reignites meme-stock frenzy

Shares of SunPower Corp. (SPWR), a maker of solar-energy technology, were lifted again on Monday, rising 11.4% premarket, while MicroCloud Hologram Inc. (HOLO), a tiny holographic-technology company, rose 11.7%. Short interest as a percentage of SunPower's public float of shares was 88.7%, according to the latest exchange data. MicroCloud Hologram's short interest is 68.4%.

Shares of Faraday Future Intelligent Electric Inc. (FFIE) climbed 24.3% in premarket trades. The electric-vehicle startup was also lifted in last month's meme-stock rally, and went on to experience a roller-coaster ride marked by eye-popping gains and a record decline.

The stock registered its biggest-ever daily percentage decline on Wednesday before rallying Thursday and ending Friday's session up 3.2%.

Related: Faraday Future's stock rises as 'classic' meme stock ends roller-coaster month

Stocktwits, a social platform for investors and traders described Faraday Future as a "classic" meme stock last week. "The stock price's main mechanism for rising is market mechanics, not business fundamentals," the platform said in a statement Friday. "Like its peers, there are a core group of investors who believe in the company's long-term vision and potential. However, the vast majority of the discussion and following is related to its price momentum, short-squeeze potential, and other market-related factors."

Short interest as a percentage of Faraday Future's public float of shares is 28.3%, FactSet data show. Faraday Future had 11.99 million shares of short interest as of mid-May, down from 36.34 million shares at the beginning of May, according to FactSet.

Mike Murphy contributed.

-James Rogers

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06-03-24 0831ET

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