New meme stocks Support.com and Vinco Ventures extend 3-day surges to more than 100% amid spiking retail-trader chatter
- Support.com and Vinco Ventures extended their three-day rallies to over 100% on Monday.
- Nearly 60% of
Support.comis sold short, and social media investors are speculating it could become the "mother of all short squeezes."
- Traders on Stocktwits are encouraging each other to buy and hold
Support.com and Vinco Ventures extended their rallies the third day, soaring over 100% on Monday as retail traders cheered the stocks in social media chatrooms on Reddit and Stocktwits.
Support.com jumped as high as $43.17 on Thursday, bringing its three-day gain to 119%. Meanwhile, Vinco Ventures has jumped 241% over the last three days to an intraday high of $10 on Monday.
The companies are becoming the latest meme plays as retail investors take note of the high-short interest on both of the stocks. 60% of Support.com shares available for trading are sold short, and 20% of Vinco Ventures stock is currently sold short, according to Bloomberg, which cited data compiled by S3 Partners.
Vinco Ventures is the top trending stock on Stocktwits on Monday, where investors are encouraging each other to "buy the dips and keep holding" in messages filled with rocket-ship, ape, and diamond-hands emojis.
"$BBIG not selling until 50$>>> just hold n buy more!!!" one user commented.
Meanwhile, SPRT ticker mentions have increased 66% over the past week on Reddit's WallStreetBets, according to CNBC, which cited alternative research provider Quiver Quantitative.
Last week, retail traders within Reddit's r/SPRT channel speculated that Support.com could see the "mother of all short squeezes" in light of its recent merger with bitcoin mining company Greenridge Generation holdings.
Vinco Ventures is an acquisitions company that buys digital media and content companies. Earlier in August, one of its subsidiaries, Emmersive Entertainment, launched a music streaming platform. Support.com is a technical support software company.
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