- Shares of Support.com extended their surge for a second day to gain 200% Friday morning.
- Retail investors on social media cheered on the technical support software company, with many saying that the stock could be on the receiving end of a massive short squeeze.
- Trading volume exploded to 100 million shares, compared to the avearge 8.9 million.
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Shares of Support.com extended their surge for a second day to as much as 150% shortly after the opening bell on Friday.
Retail investors on social media cheered on the technical support software company, with many saying that the stock could be on the receiving end of a massive short squeeze.
The stock was the top trending ticker on Stocktwits and Yahoo Finance Friday morning. Over 100 million shares changed hands Friday, compared to average trading volume of about 8.9 million.
One user on Stocktwits compared the stock's squeeze to GameStop and urged fellow investors to hold the stock, even as it was trading at $49.80, a roughly 152% jump from the Thursday close.
"Short data.. not yet covered..they are creazy[sic] ..many small HF will play with us this squeeze," said another user. While one speculated: "$SPRT shorts needs to cover! We will se[sic] $ 300-500 today."
Meanwhile, retail investors within the Reddit channel r/SPRT discussed Support.com's recent merger with bitcoin mining company Greenridge Generation Holdings, with one post claiming that the stock could see the "mother of all short squeezes."
"The major short HF is not covering because they have a hedge with Series A stock but the hedge only works post-merger. If we squeeze them to a stock price where they can no longer meet their margin requirement BEFORE the merger, the MOASS will take place," the post theorized.
Support.com was trading around $41.71 before the opening bell Friday.