- The stock price of Atlantic American Corporation (NASDAQ: AAME) hit over 568% during intraday trading today. This is why it happened.
The stock price of Atlantic American Corporation (NASDAQ: AAME) hit over 568% as it went from a previous close of $2.39 to a day high of $15.97. Since the company has not announced any news directly and there are no SEC reports to trigger a stock price increase, it appears there was a coordinated move on social media to drive the price up.
There were references to AAME in stock trading groups on Facebook, Discord chat rooms, stock trading subreddits, Twitter hashtags, and YouTube channels before the market open. And many of those posts mentioned the advantages of the high volume and relatively low float of the stock.
On social media, there were references to larger institutions potentially “naked shorting” the company stock – which created an opportunity to “short squeeze” the shares, thus driving the price up.
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