surges 50% as monster rally continues (SPRT) shares closed 38% higher on Monday at $36.39 each, as they continued to take part in a massive short squeeze rally.’s stock has caught the attention of retail traders based on its high short interest. The stock gained more than 180% last week.

Shares shorted were climbing earlier in the month, but we have seen short covering recently as the shorts are in the middle of a big squeeze,” said Ihor Dusaniwsky of S3 Partners on Friday.

“This rally is a long buying rally in a stock with a thinly traded float (20 million shares) and tremendous long buying pressure,” Dusaniwsky said.

“Gamma squeeze + momentum buying + some short covering = monster rally,” said Dusaniwsky.

‘It had all the prerequisite of something that needed to be absolutely crazy’

Most retail-fueled rallies have started out as short squeezes coupled with retail traders’ disdain against the institutions and hedge funds which bet against the stock. That was the case earlier this year with GameStop (GME) and AMC (AMC) when they went through massive short squeezes. Retail investors basked in driving those stocks higher as hedge funds bled money from their short positions. 

“It [] had all the prerequisite of something that needed to be absolutely crazy,” Youtuber Matt Kohrs told Yahoo Finance. The retail investor says he has a long position on GME and AMC, but got out of SPRT on Friday. 

“Right now to me it’s a very strong swing trade and —who knows, you never know what it will become — but I do in my own mind, differentiate this type of play versus the AMC and GameStop rhetoric,” said Kohrs. reported its second quarter results on Aug. 13. Its revenue decreased 23% compared to the same quarter last year. The company reported a net loss of 3 cents per share for the quarter.

In March, announced a merger with Greenidge Generation, a bitcoin mining company. Upon completion, will become a wholly-owned subsidiary of Greenidge. The merger is expected to close in the third quarter of this year.

Ines is a markets reporter covering stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre

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Harry Byrne

Harry Byrne

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