Today, investors in New Concept Energy (NYSEMKT:GBR) are seeing absolutely massive gains. Indeed, shares of GBR stock are up more than 60% at the time of writing on very heavy volume today.
This move comes amid what appears to be a changing of the guard among meme stocks today. A range of small-cap stocks such as GBR are seeing inflows, with more popular meme stocks are on the outside looking in.
Indeed, GBR stock has been a meme stock favorite in the past. The company opened this year below $2, but skyrocketed in January to above $30, providing investors with a quick 15-bagger. Since then, shares have declined back toward the company’s initial valuation this year. However, this past month has seen shares climb from below $4 to above the $8 currently, representing a double-up in just a few weeks.
For investors interested in this company, let’s dive into a few interesting facts on New Concept Energy.
7 Things to Know About GBR Stock
- New Concept Energy has been around for more than four decades; the company was founded in 1978.
- Since 2003, the company has been focused on energy and resource development.
- The company earned $2.3 million in the third quarter of 2020.
- These earnings were a result of asset sales to a third-party business. The company sold off its asset portfolio, while also wiping its debt clean.
- Accordingly, New Concept Energy is currently seeking to acquire a controlling interest in new energy projects.
- Given the otherwise blank slate New Concept Energy provides investors, this stock has seen heavy short-selling interest of late.
- The company’s current short volume ratio of 32% has inspired what appears to be yet another short-squeeze attempt recently.
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On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.