GoPro Has Been Going Bananas (GPRO)
GoPro is up 4% in early trading for no obvious reason.
At $68.66, shares are up a whopping 27% just this week.
GoPro is one of the most heavily shorted stock in the market with 41% of its equity float being shorted.
So, if you're itching for a reason for this week's rally, you could argue that the stock is experiencing a short squeeze. This means traders shorting, or betting against, the stock are being forced to go out and buy shares to cover their short positions.
The camera company have been all over the place since it IPO this summer. The stock got as high as $98.47 on Oct. 7.
The stock IPO'd at $24 on June 26 and opened at $28.65.
Meanwhile, the major US stock market indices continue to set new highs. The S&P is at 2,091, up 9 points (+0.4%). The Dow is at 18,096, up 66 points (+0.4%).