- Ihor Dusaniwsky, head of predictive analytics at S3 Partners, said Wednesday that the short interest in recent meme-stock candidate Support.com (NASDAQ:SPRT) isn't enough to make a difference in share price.
- Speaking to CNBC, Dusaniwsky argued that only six million shares of SPRT are currently shorted, "a drop in the bucket to the daily trading volume."
- Instead, Dusaniwsky, whose firm prepares research for short-sellers, pointed to names like Meta Materials (NASDAQ:MMAT), Clover Health (NASDAQ:CLOV), Workhorse (NASDAQ:WKHS) and Wayfair (NYSE:W) as better candidates for a post-meme follow-up rally.
- "These are all stocks that have had run-ups and have the short interest that can create a short squeeze that matters," he said.
- SPRT's long-term average trading volume is a bit over 14M shares. However, the stock has traded more than 28M shares in each of the last eight sessions, including two days of 100M+ last Thursday and Friday.
- Amid increased chatter online, SPRT has become the latest prospective meme stock to break into the headlines.
- Shares closed Monday at $36.39, an advance of 313% in a little more than a week.
- Shares of SPRT fell about 21% in Wednesday's intraday action, trading at $24.76. This added to profit-taking seen during the previous session, taking the stock off its recent high.
SPRT doesn't have enough short interest to be a meme stock - S3 Partners' Dusaniwsky
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