Just when it seems like investors are cooling off on the idea of meme stocks, we see another one rocketing to the moon. It appears investors are setting their sights once again on Wilhelmina International (NASDAQ:WHLM). It seems as though the company’s recent Securities and Exchange Commission (SEC) filing is incentivizing investors to pile into the play this morning, sending WHLM stock soaring.
Wilhelmina International is a company based in New York City that represents models and entertainment figures. Recently, WHLM stock has been a favorite of the retail investing crowd, getting attention in smaller investing subreddits and seeing massive and immediate swells in trading volume, which would ebb and flow.
It seems as though the company’s most recent SEC filing is pushing these investors to buy masses of the stock again in premarket trading, which has since triggered a pump in the stock’s value. It’s worth noting that while WHLM might be a trendy retail stock that gets discussed online, it is not a short squeeze play; according to Yahoo Finance, less than 2.5% of the stock’s float is short.
Venture Capital Purchase Prompts Surge in WHLM Stock
WHLM stock is seeing a huge uptick in buyers today thanks to its newest SEC filing. The filing details a transaction in which Retail Ecommerce Ventures LLC is buying 237,500 shares of WHLM stock. The company is also going to continue buying shares until its holdings reach 950,000. Retail Ecommerce Ventures is one of the largest venture capitalist firms that deals in retail stocks.
With this news, investors have been incentivized to buy large holdings of WHLM. Over 64 million shares of the stock are changing hands in the opening hours of today’s trading session. This volume is much higher than the company’s daily average volume of under 1 million. Indeed, the mass buying of WHLM stock is prompting a price pump. The stock’s value is soaring over 87%, to a price of just over $8.
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.