Shares of Support.com jumped Monday as retail investors on Reddit message boards pile into the stock of the technical support solutions company
Monday's run could be its eighth consecutive positive session. At last check the stock was up 43% at $37.70.
The company garnered the attention of the Reddit community and the stock had more than tripled (up 220%) over the prior seven sessions.
Meme stock investors tend to target companies with large short interest. Nearly 60% of Support.com's float shares are currently sold short, according to S3 Partners, CNBC reported.
The stock was one of Monday's top premarket movers.
Support.com said in March that it planned a merger with closely held Greenidge Generation Holdings, which bills itself as "the first 100% carbon-neutral Bitcoin transaction processor in the United States."
Upon closing of the proposed transaction, Support.com will become a wholly owned subsidiary of Greenidge, the companies said.
Meme stocks have been a big story in 2021 as retail investors wage war against short sellers who they say are unfairly taking advantage of vulnerable businesses.
Short sellers bet that a stock price will drop. They borrow shares and sell them, hoping to buy the shares back at a lower price and return them to the lender. A squeeze develops when buyers drive up the stock price, forcing the short sellers to buy back the stock at a higher price.
Last week, Roundhill Financial introduced plans for a MEME ETF that will track stocks that are trending on social media platforms.
The MEME ETF, awaiting regulatory clearance, will trade under the ticker symbol MEME on the New York Stock Exchange.
The ETF will rebalance its assets every two weeks based on the holdings' social media scores and levels of short interest.