CARV Stock Increases Over 15% Pre-Market: Why It Happened

By Amit Chowdhry ● Jul 12, 2021
  • The stock price of Carver Bancorp Inc (NASDAQ: CARV) increased by over 15% pre-market. This is why it happened.

The stock price of Carver Bancorp Inc (NASDAQ: CARV) – the holding company for Carver Federal Savings Bank, a federally chartered savings bank that provides consumer and commercial banking services for consumers, businesses, and governmental and quasi-governmental agencies – increased by over 15% pre-market. This is a continuation of momentum as the company stock price increased 21.06% on the last trading day on July 9.

The surge in the stock price is being driven by retail investors coordinating a short squeeze on the company shares. Retail investors on social media platforms like Reddit, StockTwits, Discord, and Facebook discovered that the company has a high percentage of its shares sold short.

As of late June, the company’s stock had over 65% of its float shorted. And it appears that discussions around coordinating a short squeeze have been surfacing since around that time.

Carver Bancorp is known as the largest and oldest continually Black-operated USA bank.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.