Sonnet BioTherapeutics (NASDAQ:SONN) stock is taking off on Thursday and investors can thank retail traders on social media for pumping it higher.
SONN stock has been called out by several accounts on Twitter (NYSE:TWTR) as a strong short squeeze target. This has drawn in retail investors looking to pump the stock higher for profits. That movement started this morning with the company leading our pre-market winners.
Before you go investing in SONN stock, I have to point out its penny status. Even with the major gains today, the company is still only trading around $1.76. It’s completely possible the stock will plummet back to pre-squeeze levels once retail traders cash out with their profits. Just be careful so you aren’t the trader left holding the bag.
Keeping that in mind, let’s take a look at what people are saying about SONN stock on Twitter today.
SONN Stock Twitter Talk
$SONN we have launched into the universe 🚀 https://t.co/ww7YDcABfi
— Traderlife (@Traderlife_) August 19, 2021
— Big Wolf (@EquitySignals) August 18, 2021
— supreme penny (big cod) 💎 (@Ashadowempire) August 19, 2021
low % IO
history of closing red on day 1
history of extension
Stock is PIG, so on heavy selling and bull trap looking to short at the gate or on hold of pm highs and absorption looking to buy as on $NAOV, $PMCB #smallcaps pic.twitter.com/eTvIRi5iRE
— Jtraderco Trader & Mentor (@jtraderco) August 19, 2021
— Jeremy (@mehabecapital) August 19, 2021
With all this extra attention on SONN stock, there’s heavy trading to take note of. As of this writing, more than 117 million shares of the stock have changed hands. That’s a massive spike compared to the company’s daily average trading volume of about 936,000 shares.
SONN stock was up 126.8% as of Thursday morning bus is still down 26.1% since the start of the year.
Investors looking for more hot stock news today will want to keep reading!
InvestorPlace has all the biggest stock stories in one place for traders. A few examples of what to check out today include why Sonoma Pharmaceuticals (NASDAQ:SNOA) stock is soaring, what has Robinhood Markets (NASDAQ:HOOD) stock falling, and more. You can get up to speed on these topics by following the links below!
More Thursday 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.
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