Dear ANY Stock Fans, Pay Attention to These 2 Big Stories
InvestorPlace - Stock Market News, Stock Advice & Trading Tips Today, investors in Sphere 3D are seeing selling pressure continue, despite two cat...
Earlier this month, it appeared Sphere 3D (NASDAQ:ANY) was on its way to a nice squeeze. Indeed, shares of ANY stock soared from around $3.50 per share in mid-August to a high of nearly $12 per share on Sept. 2.
However, over the course of approximately one week, ANY stock is now down approximately 45% from its peak. Today, this intriguing retail favorite has seen a decline of 6% at the time of writing.
These moves indicate that perhaps the momentum with ANY stock has turned around, at least for now. This is a company that investors had pointed to previously as a great short squeeze opportunity. Famed investor Will Meade took to Twitter to discuss how the company’s high borrow rate and upcoming merger with Gryphon Digital Mining could propel this stock materially higher. This tweet seemed to have done the trick. However, since then, sentiment appears to have cooled somewhat.
Let’s dive into two catalysts investors in ANY stock may want to keep on their radar right now.
Two Catalysts That Could Drive ANY Stock Higher
As if high short interest and borrow fees weren’t enough to propel this stock on an elongated run, there are a few other catalysts ANY stock bulls are looking at right now as reasons to buy this speculative stock.
The first is related to the company’s merger with crypto miner Gryphon Digital Mining. Yesterday, Sphere 3D announced it was bringing on a new legal advisor onto its team. Prior to any merger, such appointments are generally bullish. And given the nature of the deal, investors may want additional legal protection, given the legal turbulence in the crypto space of late.
Secondly, it was recently made public that Cayman Islands-based MMCAP International has taken a significant stake in Sphere 3D. How significant? Well, via a 13G filing, it was disclosed that MMCAP bought a stake of 8.85% in the stock. That’s a significant investment, and retail investors may want to take notice.
Of course, these catalysts haven’t done much to stop the recent bleeding with ANY stock. However, it does appear that this is a company that still holds short squeeze potential. Accordingly, aggressive investors looking for reasons to buy ANY stock have two more today.
On the date of publication, Chris MacDonald 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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