Carver Bancorp (NASDAQ:CARV) stock is soaring higher in pre-market trading today as retail traders continue to target the company for a short squeeze.
The short squeeze of CARV stock started yesterday and send shares rocketing higher throughout the day. When trading came to a close on Thursday, shares of the stock were sitting 106.9% higher.
So why are retail traders short squeezing CARV stock? It has to do with the massive short interest in the company, which was 68%. This was revealed by Will Meade, a former hedge fund manager, on Twitter (NYSE:TWTR) to his more than 200,000 followers.
Carver Bancorp is among the largest Black-owned banking institutions in the U.S. and was founded in 1948. The company’s headquarters is in Manhatten and it has locations in many low- to middle-income areas.
Now that you know why retail traders are targeting CARV stock for a short squeeze, let’s take a look at what those traders are saying this morning.
CARV Stock Short Squeeze Talk
$CARV – RSI Falling and price fairly stagnant. Looking good for longs currently. Especially w/ this short interest. With the volume and float . It’s begging to go. 90 mins until the bell😁 pic.twitter.com/h188EyJb3e
— 📈 (@BullishAlertss) July 9, 2021
Any 4-minute halt going up: it will open higher. An 18 minute halt: MM’s trying to induce selling. It will open substantially lower. Trying to get the kiddies to lose interest in trading altogether. $CARV
— You Enjoy Myself (@AddenoidalHonk) July 9, 2021
— Jazzy P (@Carm3n_sandi3g0) July 9, 2021
— STOCK Talks (@LB21KT) July 9, 2021
$CARV at the bell $25.69 flipped $27.70 going again in a minute. ATM play today!!!
— Penny_Heist (@Penny_Heist12) July 9, 2021
The morning bell hasn’t even rung yet and we’re already seeing heavy trading for CARV stock. As of this writing, more than 2.4 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is about 685,000 shares.
CARB stock was up 24.7% in pre-market trading Friday morning and is up 237.3% since the start of the year.
Investors looking for more recent stock market news are in luck this morning.
InvestorPlace.com has all the latest news that traders will want to know about. A few stories to consider looking in on today include our pre-market stock coverage with winners and losers, a breakdown of the biggest stock market stories from yesterday, as well as what to know about Wells Fargo (NYSE:WFC) shutting down personal lines of credit. You can find all of that info and more by following the links below!
More Recent Stock Market News
On the date of publication, William White 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.