- Retail traders flock to Black-owned financial institution…
- Prominent retail investing influencer highlights short-interest…
- Why r/WallStreetBets isn’t talking about this squeeze…
The squeeze is on for Carver Bancorp Inc (NASDAQ: CARV) as retail traders flock to the stock.
$CARV surged as much as 251% in morning trade and was up more than 130% at writing.
The jump comes after a prominent influencer in the retail trading space highlighted the massive short-interest in the stock last week.
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In a tweet on June 28, former hedge fund manager Will Meade pointed out that $CARV was the most shorted stock on the market that day with a 68% short interest.
$CARV is now the most shorted stock trading trading with a whopping 68% short interest! Short sellers picking on Carver Bancorp, one of the largest African American owned banks. I’m long, let’s make shorts pay. pic.twitter.com/NQSaX3KwsT— Will Meade (@realwillmeade) June 28, 2021
In that tweet, he said he was long on the Black-owned financial institution saying, “let’s make shorts pay”.
Data from MarketWatch shows the stock remaining the most shorted on the market as of today, with the short-interest sitting around 60%.
But this squeeze isn’t getting the usual attention we’ve seen in the past with others like $GME, $AMC, or $CLOV.
WallStreetBets Shuns $CARV
So why isn’t r/WallStreetBets talking about this stock? The simple answer is that it’s too small.
When one user mentioned the ticker on the popular subreddit earlier today, a bot quickly replied warning that $CARV is a banned ticker.
The bank doesn’t qualify to be discussed on the feed because its market cap is under $1 billion.
But another subreddit dedicated solely to $CARV was abuzz about today’s moves.
Six Nuggets About Carver Bancorp
- Carver Bancorp is one of the largest Black-owned financial institutions in the U.S.
- The bank’s CEO says, “A group of community leaders, business owners, and clergymen from Harlem and Brooklyn came together in 1948 to establish Carver because African Americans did not have a place to bank at that time.”
- Its headquarters are located in Manhattan with branch locations throughout New York City
- It is dedicated by the Treasury Department as Community Development Financial Institutions (CDFI) for its “community-focused banking services and dedication to the economic viability and revitalization of underserved neighborhoods.”
- JPMorgan Chase invested in Carver Bancorp in February to “support economic empowerment in communities of color”
- Carver Bancorp partnered with Bank of America and Blackrock to launch a “social impact credit facility” in June.
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