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Summary
- Sundial's stock price has more than doubled over the span of January, primarily stoked by the 8 million-odd traders communing on Reddit forum WallStreetBets.
- Interest in this heavily shorted pot stock most likely triggered a short squeeze, which led to a surge of over 72 per cent in January.
- Nokia’s stock price hit its highest level in the last one year on Wednesday, January 27, leaping over 90 per cent to close at US$ 6.55.
Stocks of Sundial Growers (NASDAQ:SNDL, SNDL:US) and Nokia Corporation (NYSE:NOK, NOK:US) shot up noticeably on Monday, February 1, continuing to get a boost from Reddit-based day traders. While Sundial stocks catapulted by over 48 per cent, Nokia shares were up by over seven per cent to close at US$ 4.89.
Let’s take a closer look at these two shorted stocks and their recent Reddit-fueled rally.
Sundial Growers (NASDAQ:SNDL, SNDL:US)
Current Stock Price: US$ 1.21
Sundial's stock price has more than doubled over the span of January, primarily stoked by the 8 million-odd traders communing on Reddit forum WallStreetBets. Interest in this heavily shorted pot stock most likely triggered a short squeeze, which led to a surge of over 72 per cent in January.
©Kalkine Group 2020
Making use of this stock price boost, Sundial announced on Friday its plans to raise about US$ 100 million via registered offering of 100 million units. the cannabis producer said that it plans to use this capital for general corporate reasons and possible acquisitions.
The Calgary-based pot maker recorded a 77 per cent year-over-year (YoY) increase in its third quarter revenue from branded cannabis sales.
Nokia Corporation (NYSE:NOK, NOK:US)
Current Stock Price: US$ 4.89
Nokia’s stock price hit its highest level in the last one year on Wednesday, January 27, leaping over 90 per cent to close at US$ 6.55. The surge came amid the shorted stock’s frenetic rally stoked by the day traders at war with short-sellers. In all of January, Nokia’s shares have expanded by almost 17 per cent.
The Finland-based tech company even issued an official statement confirming that it wasn’t aware of any material or corporate-related “developments” which could coax such a stock price surge.
Nokia stocks have jumped by nearly 40 per cent in the last three months and by about 16 per cent in the last 11 months since the March lows.
Nokia Corporation is set to announce its financial result for the fourth quarter of 2020 and the full year on Thursday, February 4.
