June 8, 2021: -AMC Entertainment, one of the most actively traded share, ended the Friday up above 80% for the week even as the company warned the risk’s investors.
In January, for those who had gotten in at the lows, they’d be up over 2,000%. But AMC is still considered highly speculative, and other high-risk, high-reward stocks deserve attention.
“It is at the all-time highs, and normally I would never come here and say, ‘Hey guys, look at Nvidia, it’s at all-time highs, it’s a great time to buy it.’ But the reason why I like this and I put it in that momentum retail-trader category is because of the stock split coming up,” Shay said.
“Last year, what we saw with Apple and Tesla both when their stock splits were announced, we had a massive rally that was largely due to the retail crowd,” shay added.
Nvidia’s board in May approved a 4-for-1 stock split, set to go into effect July 20. In the days after Apple’s stock split last August, shares surged by 7%.
Nvidia is “a solid company, great fundamentals. Technicals, it’s at the highs, but I’m looking at this to go potentially up to $750 or $800 because if you look at it right now, it has this massive momentum because of the stock split,” said Shay.
A move to $750 implies a nearly 7% upside. The higher target of Shay, $800, would mean a 14% rally from the close of $703 on Friday.
Craig Johnson, chief market technician at Piper Sandler, named Plug Power his high-risk, high-reward pick. The stock closed on Friday at $30.58.
“This is a stock that, coming off the March lows, has increased almost 3,000%. In February, it’s corrected 75% off the highs we had seen just a couple of months ago, and now technically, we’ve just reversed the downtrend and moved over our 50- and 200-day moving averages,” Johnson said during the same interview.
He also said that the reason this name fits into his “high-risk category” is that the stock group Plug Power belongs to looks to lose momentum.
“When I go back, and I look at some of the longer-term group work that we do at Piper Sandler, I noticed that when we’ve seen 26-week momentum spikes in the industry group in which Plug Power fits into, we saw it in 2000 we also saw it in 2013, and we just saw it again usually these stocks have to correct for the better part of 24 to 36 months,” Johnson said.
He sees 125% upside for Plug and only 29% roughly downside to getting back to its downtrend resistance level.
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