Carver Bancorp (CARV): High Short Interest Sparks Squeeze?
Carver Bancorp CARV is one of the oldest and largest Black-owned financial institutions in the US. The company was founded in 1948, and is headquartered in the Harlem neighborhood of New York City.
Shares soared on Thursday. CARV was up over 200% at one point in morning trading, and the stock closed the day up 106.9% to $21.89 per share. Trading volume increased to 69.2 million shares compared to the past 30-day average of 1.1 million shares, and the stock was halted nine times this morning because of volatility.
Former hedge fund manager Will Meade recently pointed out on Twitter TWTR that CARV is one of the most shorted stocks in the marketplace. Short interest currently sits at about 60%, and retail investors are now betting big, as a short squeeze looks to be in play for CARV.
There’s now a subreddit dedicated to the bank’s shares, r/carvstock. Little mention has been made of CARV on the ultra-popular thread r/WallStreetBets because its market cap is less than $1 billion.
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