Cryptyde (NASDAQ:TYDE) stock is surging higher by more than 40% on seemingly no company specific news. However, shares of TYDE stock are also still down over 75% since the June 29 distribution date spinoff from Vinco Ventures (NASDAQ:BBIG). Cryptyde defines itself as a consumer-oriented blockchain company that seeks to create Web 3.0 businesses using cryptocurrency, the metaverse, non-fungible tokens (NFTs) and smart contracts.
Why is TYDE trending up? Today, a tweet from Twitter (NYSE:TWTR) financial influencer Will Meade may be partly attributable to the stock’s gains. Meade boasts over 290,000 followers on the platform. This morning, he tweeted:
Huge news Marketwatch which is owned by Dow Jones, a very reputable data and news provider, says $TYDE (the $BBIG spinoff) stock now has 171% short interest. Wow that’s like $TBLT bf its big move. pic.twitter.com/m2iqSYich3
— Will Meade (@realwillmeade) July 27, 2022
Let’s get into the details.
What’s Going on With TYDE Stock Today?
Meade’s tweet suggests that TYDE stock is carrying a massive short interest of 171% of its float. However, the Cryptyde short interest data has since disappeared from MarketWatch’s short interest page. On the site’s Cryptyde page, the company has short interest of 3.04 million shares while percentage of float shorted shows up as “N/A.”
Fintel reports that the actual short percent of float is 14.95%, however, which is still high. Fintel also states it would take 2.01 days to fully cover the shares sold short.
Accordingly, today’s TYDE stock gains may be the result of a miscommunication of information.
Earlier this month, Cryptyde released its corporate objectives for the upcoming year. This was the first substantial news release since completing the spinoff. In the release, the company highlighted several achievements, including its launch of metaverse community Freescape. Freescape was also featured at VidCon to further increase visibility. Cryptyde said its CW machines have been delivering mining equipment to the resale market as well.
What’s Next for Cryptyde?
Cryptyde is currently in the process of launching its Bitcoin (BTC-USD) tokenization platform to “revolutionize consumer focused mining.” In addition, the company is largely oriented toward helping transition from Web 2.0 to Web 3.0 in consumer-facing industries. Finally, the company hinted at potential strategic partnerships and acquisitions in the future.
CEO and President Brian McFadden added:
“We look forward to a productive second half of 2022 which is expected to solidify the infrastructure we will use as our foundation of growth into 2023.”
Shares of TYDE stock trade at $1.28 per share as of this writing.
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On the date of publication, Eddie Pan did not hold (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.