It Was a Down Day for Meme Stocks. Early Gains Faded Away.

Photo Illustration by Nicole Fara Silver; Dreamstime (1)

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Meme stocks were on the move again Wednesday, with several members of the club rising strongly in premarket trading before dropping shortly after the market opened. ContextLogic, the company behind the discount e-commerce website Wish.com, was among the biggest movers, while Clover Health Investments initially added to its gains from earlier in the week before dropping into the red.

ContextLogic stock (ticker: WISH) closed down 8.9% on Wednesday, at around $10.60, after being up more than 25% in early trading. The shares were moving on heavy volume: Some 305 million changed hands on Wednesday, versus the stock’s average daily volume of 13 million.

Clover stock (CLOV) closed down 23.6% after giving back a 30% surge seen in early trading. The shares rose 86% on Tuesday and 32% on Monday.