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Carver Bancorp Triples in Apparent Meme Stock Boost

Carver Bancorp shares triple as retail investors rally around the African-American-backed New York financial-services company.

Carver Bancorp  (CARV) - Get Free Report more than tripled on Thursday as one of the country’s oldest and largest African-American-backed financial institutions caught the attention of retail traders.

Shares of the New York company at last check were trading at $35.70 compared with Wednesday's close at $10.58.

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A company spokesperson said in an email that as a matter of policy, "Carver Bancorp does not comment on daily fluctuations in its stock price."

No news appears to be driving the sudden price hike, but retail investors were talking up the stock on a subreddit called r/carvstock. 

"Blasting up!!" one poster declared Wednesday. "$CARV to the moon!"

"Spread the word people!!!" another poster said. "This will gamma squeeze… get as much people on board as you can!!! 68% shorted."

The company, founded in 1948 to serve African-American communities, did not appear on Reddit's r/WallStreetBets, the site of many other meme stock discussions. 

A bot on the subreddit said Carver Bancorp did not qualify for coverage since its market capitalization is less than $1 billion.

Meanwhile, on Stocktwits, message volume about Carver Bancorp was up 524%.

"$SCARV don’t fear the rip!" a poster said on Stocktwits. "Buy it! The short interest is 60% of float! Market cap 100 million. Upside 300%+"

Newegg Commerce  (NEGG) - Get Free Report shares on Thursday dropped alongside other meme stocks amid a broader market selloff. AMC Entertainment  (AMC) - Get Free Report and GameStop  (GME) - Get Free Report also traded lower.

In Newegg’s case, TheStreet Founder Jim Cramer, in a tweet on Wednesday, called the stock a “total BGL game,” referring to when stocks are bagged, gunned and liquidated. Newegg is an online electronics retailer.

On Thursday, he tweeted additional caution on Newegg, and on investors getting caught up and caught out in meme stock momentum trading gone awry.

Marin Software  (MRIN) - Get Free Report shares surged last week amid touts on Reddit message boards and other platforms to collectively push back against a potential short squeeze.