I can’t say this company’s name without smirking. There are some fundamental issues related to corporate filings, and earnings at the end of the month. All that is to say that this is very much a “trade” only for me.
On a split adjusted basis (split occurred last week) this stock is down over 66%. It’s pulling back today after yesterday’s strong move, but is holding above the AVWAP from the Aug 28th gap down. At only $1.50 down to that level, which is where I’d risk manage this as a loser, there is quite a bit of upside potential given the limited supply above $47-$50.
I’m inclined to play this strictly as an intra-day trade given some of the other issues, but there is definitely squeeze potential.