Reddit/Robinhood Short Interest Squeeze Activity Continues
19 of the 29 stocks with short interests in excess of 30% (see previous TalkMarkets article here) decreased 4.9%, on average, this week ending March 19th but 20 of the 29 stocks are still above their prices on January 15th when the short squeeze activity began in earnest.
Tracking those short interest stocks that have continued to increase in price shows the extent to which the short squeeze is faring and, as a result, is remaining a thorn in the side of the short-sellers. The major advancers this week, in descending order, were as follows:
- Clovis Oncology: (CLVS) +32.3% to $7.86/share
- unrelated to the net interest short squeeze environment Clovis soared 48% on Friday after the biopharmaceutical company announced positive findings from its phase 3 study for its ovarian cancer drug, Rubraca.
- Ontrak, Inc.: (OTRX) +11.8% to $37.47/share
- Fulgent Genetics: (FLGT) +6.8% to $105.96/share
- Dillard's, Inc.: (DDS) +6.8% to $97.92/share
6 additional high net short interest stocks went up on the week but by less than 5%.
The major decliners this week were, as follows, in descending order:
- GameStop Media: (GME) -24.3% to $200.27/share
- SunPower Corp.: (SPWR) -12.2% to $31.86/share
- AMC Networks: (AMCX) -11.9% to $69.27/share
- Seritage Growth: (SRG) - 9.1% to $21.10/share
- KOSS Corp.: (KOSS) -8.5% to $25.50/share
- Naked Brand: (NAKD) -8.0% to $0.92/share
- Rocket Companies: (RKT) -7.8% to $23.07/share
The remaining 12 stocks that declined did so by less than 5%.
The above analyses suggest that the Reddit/Robinhood short squeeze trend continues and probably has more surprises in store for us.
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Interesting indeed, But will it deter the short sellers? Probably not, unless they go totally broke and are unable to get credit again.
But it is an interesting show to watch. But who is making the money from them buying those shares to bid up the price? That group is the winner.