SOS Limited stock price plunged 9.34% at last check, however, it surged up to28% at last trading session, Wednesday, as the holding company which provides market data and Chinese blockchain services, was chosen by Wallstreetbets Reddit group to increase stock price and produce a capital gain in stocks for individual investor profit and their short squeeze target for various hedge funds.
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SOS Limited is trying for increased market share in the Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) mining vicinity. The company has generated $125 million through offering SOS shares, expecting to purchase cryptocurrency mining rigs and produce enough capital to produce a facility in Hejiang County, Luzhou, Sichuan.
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Renowned short-sellerHindenburg Research has blamed SOS of having no corporate office and using a temporary hotel room for its operations and headquarters and accused SOS for exaggerating the volume of their key employees. However, SOS issued a statement denying all the accusations and calling them “distorted, misleading, and unsubstantiated.”
A significant number of Reddit investors have decided SOS to be worth their investments, with the main aim to have an incredible increase in SOS Stock price and short squeeze hedge funds worth Billions, by analyzing and planning to buy shares simultaneously and accumulating their buying power, to increase share price. Current investors inWallStreetBets Reddit Group are attempting to surgeSOS shares and force Hindenburg and other short-sellers to open up new avenues.
However, while investors have seen some degree of attainment in stimulating a short squeeze in stocks that are shorted abundantly by investment firms, the shares reduced in price substantially once the stock purchase cooled down. A considerable amount of stock buyers who purchased later in those rallies faced huge losses. SOS stock could face a similar problem with same dynamics especially if there is some truthful element in Hindenburg’s statements
A sudden increase in SOS stock price further induced attention from investors outside the Reddit arena helping the shares to further increase capital gains, however, SOS shares have the capacity to plunge viciously once the market cools down as seen in AMC and Gamestop dynamics.