SCWorx (NASDAQ:WORX) stock is running higher on Tuesday as retail traders target the stock for a short squeeze.
Retail investors are likely boosting up shares of WORX stock due to its short interest, which is sitting at 36%. That and its low entry price as a penny stock makes it easy to buy up massive amounts of shares. This lets those traders push out hedge funds shorting the stock.
Now that you know why WORX stock is up today, let’s take a look at what the company is all about.
- SCWorx is a software company that provides its services to companies in the healthcare industry.
- That includes its Item Master, which is a cleanup software to help sort out finances.
- The goal of all this is margin improvement and critical system interoperability.
- SCWorx is based out of New York City, N.Y.
- It was founded in 2015 and went public the following year.
- Leading the company is Timothy Hannibal, its president, COO, CEO, and director.
The short squeeze today has WORX stock seeing incredibly high trading. As of this writing, more than 93 million shares of the stock have changed hands. That’s a massive jump compared to its daily average trading volume of about 1.6 million shares.
WORX stock was up 33.8% as of Tuesday morning and is up 143.8% since the start of the year.
SCWorx is far from the only company on the move today.
Plenty of other companies are seeing their shares on the run and InvestorPlace has all the details. That includes what has Orbsat (NASDAQ:OSAT), OrganiGram (NASDAQ:OGI), and Clover Health (NASDAQ:CLOV) shares moving today. You can learn more about that at the following links!
More Tuesday Stock Market News
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.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. Read More: Penny Stocks — How to Profit Without Getting Scammed