$Support.com Inc(SPRT.US)$ stock has been on the rise with steady growth all week long that’s turning into major gains on Friday.
So why is SPRT stock getting such a boost? There are a couple of factors at play when it comes to the positive movement that Support.com is seeing this week.
First off, SPRT stock is likely getting pushed higher by meme stock traders. These traders have been taking to social media to boost up shares of the stock lately. That’s still going on as investors continue to hype it up on $Twitter Inc(TWTR.US)$ and other platforms.
The second big news that has investors excited about SPRT stock lately is an upcoming merger. Support.com is planning to merge with Greenidge Generation in a deal that will take the latter public. This will result in a change to its business as Greenidge Generation is a Bitcoin miner.
It’s possible that these two factors will continue to move SPRT stock higher in the coming weeks. The merger with Greenidge Generation isn’t set to take place until after a shareholder vote on Spet. 10. That means we could continue to see a short-squeeze of the stock until that comes to pass.
SPRT stock is jumping in trading volume this morning. As of this writing, more than 47 million shares have changed hands. That’s an impressive increase over its daily average trading volume of about 10.4 million shares.
SPRT stock was up 77% as of Friday morning.
Will SPRT continue this uptrend? Please share your insights below.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.