Geo Group (NYSE:GEO) stock is getting a major boost on Wednesday as retail traders target the company for a short squeeze.
Here’s everything you need to know about Geo Group and the plan to short-squeeze shares of its stock.
- Geo Group is a company that offers rehabilitation services to governments around the world.
- These programs are focused on reintegrating offenders in prisons back into society.
- The services offered include “educational and vocational programs, cognitive behavioral and substance abuse treatment, and faith-based services.”
- Geo Group also continues to offer post-release support services after the person has served their time.
- The company’s history dates back to 1984 with the creation of the Wackenhut Corrections Corporation.
- The company then went public in 1994 via an initial public offering (IPO).
- It later changed its name in 2003 to Geo Group.
- So why is Reddit setting GEO stock as is its next big short-squeeze?
- It all comes down to numbers.
- As of this writing, short interest is at 34.5%, there are 116.8 million shares floating, and 121.63 million shares are outstanding.
- All of these factors make the stock a prime target for a short-squeeze in an attempt to push out hedge funds.
- It looks like that plan is working today with GEO stock seeing incredibly heavy trading.
- That’s due to more than 100 million shares of the stock changing hands as of Wednesday morning.
- This is a major increase compared to the company’s daily average trading volume of 4.5 million shares.
The Reddit rally has shares of GEO stock heading 40.1% higher as of Wednesday morning. That has it more than recovering the losses it’s seen since the start of the year.
Reddit traders are busy today and there’s plenty of more news to take note of.
InvestorPlace.com has all the latest news on what meme stocks Reddit is rallying. That includes what’s happening with Clovis Oncology (NASDAQ:CLVS), Antelope Enterprise (NASDAQ:AEHL), and Root Insurance (NASDAQ:ROOT). Learn all about that at the links below!
More Reddit Meme Stocks news for Wednesday
- CLVS Stock: Is a Reddit-Fueled Short Squeeze Brewing for Clovis Oncology?
- AEHL Stock: Reddit Investors Eye a Massive Squeeze in Antelope Enterprise
- ROOT Stock: 14 Things for Investors to Know About Root Insurance as Shares Surge
On the date of publication, William White 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.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. Read More: Penny Stocks — How to Profit Without Getting Scammed