“Smaller Meme Stocks Soar as GameStop and AMC Take a Dive: Faraday Future Up 7,900%!”

The meme stock craze that took the market by storm this week wasn’t just limited to GameStop (GME) and AMC (AMC). While these two stocks saw their rally come to an end, smaller meme-related equities continued to soar, ending the week with impressive gains.

One standout performer was EV-related startup Faraday Future (FFIE), which gained a staggering 122% on Friday alone. The stock is on track to finish the week with an incredible 7,900% gain. Faraday Future’s surge in popularity was evident as it became the third-most-mentioned stock on Reddit’s WallStreetBets forum in the past 24 hours.

Retail trader and YouTuber Matt Kohrs noted that investors were targeting stocks with high short interest, with Faraday Future’s short interest sitting at around 94% of the float. Other heavily shorted stocks that saw significant gains included Crown ElectroKinetics (CRKN) and Greenwave Technology Solutions (GWAV), which were up more than 70% and 500% for the week, respectively.

SunPower (SPWR) also had a strong week, with the solar-related stock set to close out the week up 29%. MicroCloud Hologram (HOLO), another solar play, was up 6% on Friday and is poised to end the week with a 22% gain.

The meme stock frenzy kicked off earlier in the week following the re-emergence of Keith Gill, also known as “Roaring Kitty,” whose bullish case on GameStop sparked the meme stock rally in 2021. Analysts had anticipated that this week’s action would be short-lived, with sentiment reaching extremes.

Indeed, GameStop saw a sharp decline on Friday, falling roughly 30% after the company announced plans to sell 45 million new shares of common stock and reported a decline in sales compared to the same period last year. Despite this drop, GameStop shares are still up about 17% for the week. AMC, on the other hand, is on track to close the week with a 54% gain.

Overall, the meme stock craze this week showcased the power of retail investors and social media in driving stock prices to new heights. As the market continues to evolve, it will be interesting to see how these dynamics play out in the future.

Ines Ferre, a senior business reporter for Yahoo Finance, provided valuable insights into this week’s meme stock action. Follow her on Twitter at @ines_ferre for more updates on the latest market trends.