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Industrials : Machinery | Mid Cap Blend
Company profile

ITT Inc. is a manufacturer of engineered critical components and customized technology solutions for the energy, transportation and industrial markets. The Company operates through four segments. The Industrial Process (IP) segment is an original equipment manufacturer and service provider offering a range of industrial pumps, valves and plant optimization systems and services. The Motion Technologies (MT) segment is a manufacturer of braking pads, shims, shock absorbers, damping, and sealing technologies for the transportation industry, including passenger cars, buses, and rail transportation. The Interconnect Solutions (ICS) segment designs and manufactures engineered connectors and cable assemblies for a range of applications in a range of environments. The Control Technologies (CT) segment manufactures equipment, including actuation, fuel management, noise and energy absorption, and environmental control system components, for the aerospace and defense, and industrial markets.

Closing Price
$87.41
Day's Change
-1.61 (-1.81%)
Bid
--
Ask
--
B/A Size
--
Day's High
88.89
Day's Low
86.82
Volume
(Heavy Day)
Volume:
1,254,778

10-day average volume:
528,236
1,254,778

Support.com stock keeps soaring, as borrow fee for short sales tops 100%

8:42 am ET August 30, 2021 (MarketWatch)
Print

Tomi Kilgore

Provider of customer and technical support's shares have more tripled in 7 days to a 17-year high despite no news reported

Shares of Support.com rocketed on heavy volume again on Friday, and have now run up more than fivefold in a little over a week, even as the customer and technical support services company has not released any news.

The stock (SPRT) rose as much as 203% in intraday trading, before pulling back to close Friday up 33.7% at $26.33, the highest closing price since October 2004. Trading volume ballooned to 162.3 million shares, enough to make the stock the most actively traded on major U.S. exchanges.

The so-called meme stock has now run up 223.5% amid a seven-day win streak, which included Thursday's 41.1% rally on volume of 105.9 million shares.

The rally appeared set to continue on Monday, as the stock shot up 40.3% in premarket trading. An eighth-straight gain would match the eight-day streak that ended July 28.

Earlier this year, Support.com shares garnered significant attention by blasting a record 231.8% higher on record volume of 282.6 million shares, after the company announced a deal to be acquired by bitcoin mining company Greenidge Generation Holdings Inc., in a deal that was expected at the time to close during the third quarter of 2021.

Meanwhile, the stock's current rally has occurred with no news released by the company, and nothing filed with the Securities and Exchange Commission.

The company has not responded to a request for information and/or comment.

Still, Support.com is getting plenty of attention from the retail crowd, as it is the top trending stock on StockTwits and "hot" among the Reddit crowd.

Also read: MemeMania: Getting some perspective with NYSE's Peter Tuchman

Read more: It's meme stock Whac-A-Mole as retail crowd shifts from Petco to pickles to electric cars in two days

The rally also comes at a time bearish bets against the stock have spiked in recent months to multiples of the previous record.

Short interest has reached 6.18 million shares as of mid-August, according to the latest exchange data, or about 193 times the short interest (32,037 shares) at the end of 2020.

The previous record for short interest, prior to 2021, was a split-adjusted 425,838 shares in July 2008.

Don't miss: Short sellers are not evil, but they are misunderstood.

With a public float of 9.29 million share, short interest as a percent of the float is roughly 66%, "which is pretty high," according to Fintel.io Founder Wilton Risenhoover.

For example, short interest as a percent of float for fellow meme stock AMC Entertainment Holdings Inc. (AMC) was about 18% as per the latest data, and for GameStop Corp. (GME) was about 12%.

And despite the stock's rocket ride higher, interest to bet on a decline has increased, as bears are willing to pay up to short the stock.

"The borrow fee rate is up to 102% and climbing this morning," Risenhoover told MarketWatch. He added that Interactive Brokers reported zero shares available to borrow.

A week earlier, Fintel indicated that the borrow fee rate was about 86%, making the stock the equity research platform's fourth most likely, at that time, to experience a "short squeeze," or a rapid covering of bearish bets that leads to higher stock prices.

Support.com's stock has now soared 1,096.8% year to date, while the S&P 500 index has gained 20.1%.

-Tomi Kilgore

	

(END) Dow Jones Newswires

August 30, 2021 08:42 ET (12:42 GMT)

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