Altimeter Growth (NASDAQ:AGC) is among the short squeeze stocks investors have been watching for a while. Indeed, in this week’s list of top short squeeze stocks, AGC stock took fourth place. Accordingly, this rather intriguing company currently looking for a merger partner is grabbing a lot of attention.
We’ve seen a rise in interest among various SPAC (special purpose acquisition company) plays of late. Indeed, much of this has to do with the much-anticipated merger of Digital World Acquisitions (NASDAQ:DWAC) and former President Donald Trump’s Truth Social platform.
However, companies like Altimeter growth with short interest levels around 35% are attractive in their own right. Besides the company’s pending upcoming merger, SPACs are now companies speculators are willing to bet will squeeze. And whether or not that takes place, short-term momentum can be a trader’s best friend.
Today, AGC stock has continued to move higher, up more than 3% at the time of writing. As of this week alone, AGC stock has appreciated approximately 30%. These sorts of short-term gains are what momentum investors are after.
That said, let’s take a look at a few things investors may want to know about Altimeter Growth.
What Investors Should Know About AGC Stock
- Altimeter Growth currently has a SPAC merger partner, Grab Holdings.
- However, news that this merger had been delayed in June sent shares lower through the summer.
- The impetus for this delay was a probe from the Securities and Exchange Commission (SEC) regarding a financial audit of Grab’s previous three years.
- This SPAC scrutiny, combined with poor investor sentiment in this space led to a slow and steady decline for AGC stock.
- Shares dipped to nearly $10 per share recently, before rebounding.
- Currently, shares of AGC stock trade around $13.50 at the time of writing.
- Investors appear to be more bullish on the ride-hailing and food-delivery space, with AGC stock being a beneficiary.
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.