Another short squeeze?
With BB rising as much as it has been, there may be another short squeeze in the works.
According to ShortData.ca, 14% of BlackBerry’s trading volume on June 1 was sold short. That’s a pretty high percentage of trading volume, although BB didn’t crack the site’s top 10 list of TSX stocks by short volume. Nevertheless, we’ve got a fairly sizable contingent of BB shorts who could get squeezed. Just a few weeks ago, BB was trading for only $9.7. If the WallStreetBets momentum continues, it could climb to $20. At that point, shorts who borrowed at $9.7 would have to pay back twice what they borrowed. Covering at losses would be a very real possibility.
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