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ToughBuilt (TBLT) Stock Squeezes 60% Higher

  • ToughBuilt (NASDAQ:TBLT) surged more than 60% today on what appears to be a short squeeze.
  • This company’s high short interest has led retail investors to pile into this name.
  • Now, the question is whether this squeeze can be sustained from here.
TBLT stock - ToughBuilt (TBLT) Stock Squeezes 60% Higher

Source: Cat Act Art / Shutterstock.com

One of today’s most impressive movers is ToughBuilt (NASDAQ:TBLT). Up more than 60% in earlier trading, TBLT stock has since given up some of its gains, sitting around 40% higher in late-afternoon trading. However, after such a move, investors may wonder what’s going on with this otherwise lowkey stock.

As it turns out, it is ToughBuilt’s short interest that has investors excited today. According to some sources, the percentage of the company’s float that’s sold short is over 100%. This can happen when stocks are heavily shorted, to the extent that short volume exceeds trading volume on a given day. In other words, short-sellers are holding their ground.

Today’s move higher suggests that a short squeeze could be underway for ToughBuilt. While this stock has given up some of its gains, it’s unclear how much of today’s falloff this afternoon is tied to profit taking. Accordingly, perhaps we’ll see this spike continue.

Let’s dive into what investors should make of this move in ToughBuilt today.

Is TBLT Worth a Speculative Bet Here?

The kinds of short squeezes that take stocks on a 60% intraday ride are the kind many speculators are looking for. In this market, it has been difficult to ride any sort of momentum rally. That’s because most of the momentum has been to the downside, with many declaring the retail meme stock trader dead.

Today’s price action with TBLT stock suggests there are still a few speculators left. And given ToughBuilt’s rather impressive short volume, it appears this stock was an easy target.

We’ll have to monitor how this company’s short interest changes in the days to come. Perhaps enough short sellers covered during this rally as to make the stock unattractive for speculators. That said, should this momentum continue, it’s possible we could have another runner on our hands. In any case, this stock will be fun to watch from here.

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Read More: Penny Stocks — How to Profit Without Getting Scammed 

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.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

Article printed from InvestorPlace Media, https://investorplace.com/2022/07/toughbuilt-tblt-stock-squeezes-60-higher/.

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