The online army's next attack?RA Medical systems soars 87% as short sellers look for the next AMC. The Yorkshire-based company, which supplies medical equipment and specialises in laser tools, has been flying the past week – could short sellers be about to get burned again?
Online retail investors have been busy this year, flitting around WallStreetBets, sending their favorite meme stocks soaring to sensational heights, and making a lot of people very rich... and some people very poor. AMC short sellers lost around $4.5 billion in eight days last week. Having seen the power they harness, the Reddit army is always on the lookout for other stocks that have strong short squeeze potential, and it looks like RA Medical Systems is in the running.
The stock shot up from $3 on May 19 to over $9 on June 7, and since then Redditors have been pushing it hard on their favorite social media platforms. Short interest is sitting at its highest volume ever, and the 1.06 million shares that were sold short account for a whopping 24% of the available float right now – making it a prime target for a short squeeze.
We all know how these things can take off, so watch this space.