SOS Stock: Is Crypto Play SOS Rising on Short Squeeze Hopes?

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Redditors promised a short squeeze on SOS stock amid broader crypto market gains
Shares of 
 (NYSE:
) surged more than 30% in pre-market trading on Wednesday. Targeted by short sellers and embraced by social trading aficionados, SOS stock tipped a high of $15 per share in mid-February before dropping to $4.77 over the next 10 days.
SOS is a Chinese tech company that recently entered the burgeoning cryptocurrency market with its own mining operation and blockchain offering.
at the end of March after announcing it would
.
The
with the valuation of the entire cryptocurrency market pushing over the $2 trillion mark this week. The surge was led by
 (CCC:
), which has held its own market cap above $1 trillion for a week. Analysts said as long as the biggest crypto holds above $53,000, it will be able to maintain that market capitalization,
.
Short interest in SOS stock has reached more than
, according to
, after
.
 
. What once was touted as a company primarily focused on solutions for emergency rescue services, its February acquisition of 5,000 cryptocurrency mining machines created a major rally.
In the last 24 hours, Reddit boards have been lighting up with comparisons to
(NYSE:
) and calls for short squeeze this morning. “We will start buying as many shares as we can get our hands on and we will limit sell those shares at or above $100,”
subreddit.
Meanwhile,
: “SOS currently has 40% of their shares being borrowed, and 8% interest on those borrowed shares. We believe this is a prime candidate to pop, especially after hitting a double bottom.
would technically help us as well.”
Article printed from InvestorPlace Media, https://investorplace.com/2021/04/sos-stock-is-crypto-play-sos-rising-on-short-squeeze-hopes/.
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