Support.com (SPRT) is officially a legendary meme stock and is now on our official list of meme stocks.
I mean, look at this hilarious chart:
The stock was up 34% Friday and it's indicated up another 40% today.
Support.com describes itself as "a leading provider of customer and tech support solutions and security software with a global network of home-based experts."
So let's look at why Support.com is a downright legendary meme stock.
We're not saying to buy the stock.
We're simply saying this is going to be volatile beyond belief. It could make AMC (AMC) look like Procter & Gamble (PG).
According to Bloomberg, about 60% of Support.com's float is sold short, so what we're seeing is a good old-fashioned hedge-crushing short squeeze.
Interestingly, exactly ZERO Wall Street analysts cover this stock (source: Yahoo! Finance), so it's impossible to figure out where expectations are for this wild name.
The options are also pricing in some outright crazy movement. Be warned: the spreads on the options are a mile wide and it will be hard to get good fills on any trades.
But the real kicker is the share count.
There are only 24 million shares outstanding vs. 513 million for AMC and 74 million for GameStop (GME).
That means it won't take a lot of power to make Support.com double or triple... or get cut in half.
As of 9:04 a.m. ET today, it's traded over 7 million shares after trading 166 million shares on Friday.
That's right - it turned its entire share base over 7 times on Friday.
So... the meme stock movement is alive and well.
And we believe Support.com will be the craziest meme stock yet.