If you woke up this morning expecting to see 250%-plus gains on a single stock, this Carver Bancorp (NASDAQ:CARV) short squeeze won’t surprise you at all. In the midst of one of the most impressive rallies to come out of the short squeeze mania of 20201, investors in CARV stock are wiping away tears of joy with bank notes.
But what’s behind all this? Who saw this coming and sent the masses toward CARV?
Well, here’s everything you need to know.
Influencer Predicts Giant Squeeze for CARV Stock
- Carver Bancorp is one of the largest Black-owned and operated banking institutions in the United States, founded in 1948.
- The bank is headquartered in Manhattan, and its branch locations are scattered throughout the city. The bank seeks to serve those in low- to moderate-income communities.
- Carver Bancorp has relationships with other major financial institutions such as JPMorgan Chase (NYSE:JPM), who invested in the bank back in February.
- The short squeeze of CARV stock is precipitated by a tweet from stock influencer Will Meade.
- Meade, a former hedge fund manager and popular short squeeze predictor, has been predicting a CARV squeeze since late-June.
- At the time of his first tweet, Meade cited a huge 68% short interest as the primary catalyst for a short squeeze.
- As of right now, short interest is down to about 27%. This makes it still one of the most heavily shorted stocks.
- Today, that short squeeze took off, and with meteoric speed. Since market open, investors have seen 25 million shares change hands, against the stock’s daily average volume of just 675,000.
- The stock peaked at a 251% gain to a price of over $37 before settling down.
- Currently, CARV stock is still up by 175%, to a price of $29.36.
On the date of publication, Brenden Rearick 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.