SCWorx (NASDAQ:WORX) stock is on the rise Friday as one expert believes it’s set for a short squeeze soon.
Samuel Peterson, a former hedge fund analyst, took to Twitter (NYSE:TWTR) to share his thoughts on SCWorx stock. He told his nearly 1,600 followers to keep an eye on the stock as it has the potential for a short squeeze.
A few factors are behind Peterson’s opinions on WORX stock. First off is the fact that the penny stock has a float of only 7.4 million shares. Adding to that, he points out that 58% of these shares are shorted.
Of course, that’s not the only reason that Peterson is pointing to WORX stock as a short squeeze play. He also notes the rising lockdown talk surrounding the delta variant of the novel coronavirus in his Tweet.
This matters to SCWorx as it provides masks to hospitals. These are used by employees that are treating patients with COIVD-19. The company also handles data and software services for healthcare providers.
You can check out Peterson’s Tweet below.
— Samuel Peterson (@realsampeterson) July 30, 2021
Investors are reacting to the news about WORX stock today as it sees heavy trading. As of this writing, more than 27 million shares of the stock have changed hands. That’s a massive jump compared to its daily average trading volume of about 3.9 million shares.
WORX stock was up 8% as of Friday afternoon.
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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.
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