5 days ago
Cracker Barrel stock is up about 12% ahead of Wednesday's open. (Eric Glenn/Shutterstock)
Shares of Cracker Barrel Old Country Store (CBRL) soared 30% on Wednesday morning, amid ******* yst price target hikes. An upgrade to overweight from UBS pointed out that the shares were heavily shorted.
Shares of Cracker Barrel had already advanced about 8% on Monday and Tuesday. The stock is now up about 40% this week, according to MarketSurge.
About 27% of the float is currently held short, according to MarketSurge. Generally speaking, a short interest of about 10% is typically viewed as elevated. Anything above 20% is considered extremely high. When traders short a stock they are betting the price will fall. However, if it starts to rise short sellers are forced to buy more of the stock to cover their impending losses. Those forced purchases place added upward pressure on the price.
Shorts against Cracker Barrel have increased by 3.6%, meaning it would now require about 5.8 days of the stock's average trading volume for short sellers to buy back all their shares. The meme stock crowd had not yet picked up on the action, with Cracker Barrel not registering among the top 50 stocks trending early Wednesday on the Ape Wisdom stock list.
Shares of Cracker Barrel Old Country Store (CBRL) soared 30% on Wednesday morning, amid ******* yst price target hikes. An upgrade to overweight from UBS pointed out that the shares were heavily shorted.
Shares of Cracker Barrel had already advanced about 8% on Monday and Tuesday. The stock is now up about 40% this week, according to MarketSurge.
About 27% of the float is currently held short, according to MarketSurge. Generally speaking, a short interest of about 10% is typically viewed as elevated. Anything above 20% is considered extremely high. When traders short a stock they are betting the price will fall. However, if it starts to rise short sellers are forced to buy more of the stock to cover their impending losses. Those forced purchases place added upward pressure on the price.
Shorts against Cracker Barrel have increased by 3.6%, meaning it would now require about 5.8 days of the stock's average trading volume for short sellers to buy back all their shares. The meme stock crowd had not yet picked up on the action, with Cracker Barrel not registering among the top 50 stocks trending early Wednesday on the Ape Wisdom stock list.
