GameStop ($GME) made headlines and billions in gains as a short squeeze led by retail traders on Reddit helped the closing business rise to new highs. The short squeeze initiative was led by a Reddit group called WallStreetBets. Now another heavily shorted software company’s share is making $GME like gains amid heavily shorted bet against it.
Support.com’s share price soared by another 40% on Monday extending to the eighth straight day of gains. The Nasdaq listed technical support firm has gained 223% over the past 7 days. The massive rise in the stock price comes even when nearly 60% of its float shares are being sold short. This is considered very high for a stock given average US Stock has about 5% of its shares being sold short.
A group of Redditors comprising of mainly retail traders decided to trade coordinately against the heavy short sellers and inflict signicant losses to them. The plan turned into a great success attracting worldwide media attention, several lawsuits for platfroms that either halted or delisted $GME and other meme stock trading (Robinhood) and also saw Congress getting involved.
The David vs Goliath Battle
In a true David vs Goliath situation the reatil investors helped many heavily shorted stocks including that of $AMC and $GME to revive their dying business. While instituional investors and short sellers cried faul, but technically they were blaming retail investors for something they have been doing under the garb of short selling. The hedge fund that had bought billions in $GME shorts went bankrupt and looking at $SPRT’s growing market traction and a 60% bet against it, it might inflict some serious losses to short buyers.
Crypto community had supported the Reddit led short squeeze and has even asked crypto platfrom to launch tokenized shares amid growing haltings. It is to be seen whether Support.com’s rise transpries into an event of January magntiude. Howevr, the signs are there, the mention of Support.com’s ticker symbol $SPRT rose by 66% on Reddit.
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