Today, investors in Support.com (NASDAQ:SPRT) are once again diving into this momentum stock. Indeed, shares of SPRT stock are up more than 3% at the time of writing on an otherwise flat day in the market.
Support.com has become one of the touted catalyst stocks investors have pointed to as of late. This newfound meme status has propelled previous parabolic runs in SPRT stock. Indeed, the 52-week range on SPRT stock is incredible. Shares have traded below $2 per share and as high as almost $60 per share recently, on incredible retail volume.
Currently, Support.com is seeing strong support above the $20 level. Investors hoping for another squeeze appear to be ready to pile into this stock. There’s certainly reasons for speculators to be hopeful.
Famed Twitter personality and former hedge fund manager Will Meade believes SPRT stock is one that’s poised to squeeze. Mr. Meade has identified SPRT stock as one of the top two short squeeze plays in the market right now. He believes that if this stock sees volume today, the $50 level is achievable.
That’s certainly a vote of confidence for retail speculators.
However, there’s another upcoming catalyst tomorrow that investors have their eye on. Let’s see what’s in store for SPRT stock on Sept. 10.
Upcoming Shareholder Vote on Merger Key Catalyst for SPRT Stock
As fellow InvestorPlace contributor Samuel O’Brient pointed out in a recent piece, Sept. 10 is a big day for Support.com and its shareholders. This is the day when shareholders will vote on the upcoming merger with Greenidge Generation Holdings.
Indeed, this deal has been intriguing for a number of reasons. First, the business models of the two companies looking to combine forces don’t appear to carry a lot of synergy. There’s a tech aspect to both businesses for sure. However, how Support.com will ultimately benefit from a blockchain/crypto-mining play remains to be seen.
However, the fact that Greenidge owns its own mining operations as well as its own power has made this an enticing play for investors. Retail enthusiasts looking for another reason to buy this meme-stock play have another catalyst in the form of this merger. That is, should it be approved tomorrow.
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.
