After GameStop and AMC, comes Support.com: the new 'meme action' that skyrockets in the stock market
Wall street has seen a new born in the last week 'meme action'. After the internet forum retail investors Reddit they will rise to titles such as GameStop or AMC, now focus on Support.com. This Monday, the stock market shot up 38.21%, while in the last seven days it accumulated a revaluation of more than 200%.
Without there being any apparent news related to the company providing technical support, their titles are emerging in recent days. With data from S3 Partners collected by 'CNBC', a 60% of its shares are sold short, a very high level compared to the average, which is usually 5%.
The Support.com ticker is between the 'hot' within the 'WallStreetBets' forum from Reddit. Its users have already exalted other companies such as GameStop or AMC. These movements usually occur at times when the market is somewhat off.
When a stock goes up very strongly, short sellers are forced to buy back shares to limit their losses, and this hedging further fuels the gains in stocks.