Reddit traders have been blasting the customer support name
The meme stock craze is making a comeback, and among the latest to join the frenzy is customer support provider Support.com, Inc. (NASDAQ:SPRT). The equity surged to a 17-year high of $59.69 on Friday, after experiencing a 66% jump in mentions on Reddit’s WallStreetBets forum over the last week, and attracting attention on retail trading forum Stocktwits. Now pacing for its eighth-straight win, SPRT has added more than 223% in this short time frame. At last check, the equity is up 27.7% at $33.61.
It is easy to see why social media traders are targeting Support.com stock. The security is heavily shorted, with short interest up 13.5% over the last two reporting periods, while the 5.82 million shares sold short make up a whopping 38.6% of the SPRT's available float.
Drilling down to today's options activity, 90,000 puts have exchanged hands, which is four times the intraday average. Most popular is the September 85 call, though, followed by the 15 put in the same monthly series, with positions currently being opened at both. Longer term, 172,968 calls have been picked up over the last 10 weeks, as opposed to 76,291 puts.