SPI Energy (SPI, +1,970%) is going from fairly anonymous dollar stock to the focus of much of Wall Street as it rockets higher, currently in the lower $20s.
Shares shot up to nearly $47 before falling back somewhat, but are still in the stratosphere for company that received a Nasdaq deficiency letter in May.
The stock has been under $2 for almost all of the year, struggling to stay above $1 from March to July.
For those thinking short squeeze, it’s unlikely. Just 0.17% of its float is held short, according to ShortSqueeze.com.
The move is reminiscent of the height of the crypto craze, when Long Island Iced Tea Corp. surged nearly 300% after changing its name to Long Blockchain.
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