New data shows that a FingerMotion (NASDAQ:FNGR) short squeeze probability is high based on big short volume and fast-building retail momentum.
On Tuesday, short volume soared past 1.6 million with total volume rising to 3.2 million.
The average squeeze trigger for FNGR is currently at $5.28.
FingerMotion stock is up more than +329% in the past month and more than +114% this year-to-date.
Retail investors are embracing for bigger moves, though the data presented should not be taken as financial advise.
The company has been known for its ‘naked shorting’ scandal, which has attracted new retail investors looking to squeeze short sellers from their positions.
In October of 2022, FingerMotion announced that its Board of Directors, after carefully reviewing the trading history of its common stock from September 1, 2022 to the present, believes that the Company may have been the target of a market manipulation scheme involving naked short selling of fictitious shares of its common stock that were neither authorized nor issued by the Company.
“Finger Motion, Inc. intends to thoroughly investigate and aggressively prosecute any party that attempts to manipulate the market price of the Company’s shares and will spare no expense in protecting the rights and interests of its shareholders.”
The company hired Christan Wes’s law firm to tackle illegal naked shorts, something Mullen Automotive and other have done as well.
While some might argue that a short squeeze has already taken place, investors are anticipating bigger moves after earnings.
Are You Invested in FNGR Stock?
It seems more and more companies are coming out against ‘naked short selling’ and more are become ‘short squeeze’ players.
In the past, AMC Entertainment and GameStop held the roles of retail short squeeze plays, but investors are getting better at identifying these types of momentum trades.
While a FNGR short squeeze probability seems high, retail investors should tread cautiously as always.
The stock has come down more than -7% on Wednesday.
But I’m curious to know what you think.
Do you think a FNGR short squeeze is imminent or was its month’s runup the time to take profits?
Leave your thoughts in the comment section down below.
If you’d like me to cover more stock market news on FingerMotion, also let me know in the comments section.
FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China.
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