- The stock price of SmileDirectClub Inc (NASDAQ: SDC) increased by over 16% today. This is why it happened.
The stock price of SmileDirectClub Inc (NASDAQ: SDC) increased by over 16% today. There is no company-specific news that drove the stock price up so it appears there are external factors at play.
In this case, it appears that investors who are active on social media platforms like Discord, Twitter, StockTwits, etc. coordinated a short squeeze on the company shares. The volume of the shares traded today was more than 7.4 times the average.
Investors on those social media platforms cited SmileDirectClub as having a high percentage of its float being shorted. According to Finviz, more than 30% of the float is shorted. And the company shares have been short-squeezed multiple times over the past year.
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