Silvergate Capital (NYSE:SI) stock is on the rise Tuesday as a potential short squeeze rally boils behind the scenes.
Traders have been hoping for a short squeeze rally that could send shares of SI rocketing higher. That has resulted in some recent short-lived rallies for shares, such as a 15% gain yesterday.
However, investors are looking for even greater gains with a full-on short squeeze of SI stock. Today’s positive stock movement is another step toward such a squeeze, but it doesn’t look like shares are ready to take off just yet.
It’s worth keeping in mind that hopes for a short squeeze rally of SI come alongside high short interest for the stock. Current short interest for shares of the California-based bank sits at 71.64%. Investors are also betting on other stocks going for a short squeeze soon.
Today’s SI Stock Movement
While SI stock hasn’t quite seen a short squeeze just yet, its trading volume is higher than normal today. As of this writing, more than 26 million shares have changed hands. That’s already well above the company’s daily average trading volume of about 19.2 million shares.
SI stock is up 5.8% as of Tuesday morning, although it’s still down 87.9% since the start of the year.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace has all of the hottest stock market coverage traders need to know about for Tuesday! A few examples include what has shares of Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B), Oscar Health (NYSE:OSCR) and Paramount (NASDAQ:PARA) stock in the news today. You can find more on these matters at the following links!
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On the date of publication, William White 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.