$CARV-ing Out the Details of the Latest Short Squeeze

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.

Table of Contents

1 Squeeze Begins
2 WallStreetBets Shuns $CARV
3 Six Nuggets About Carver Bancorp
4 One Platform. One System. Every Tool

Squeeze Begins

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.