Paysafe (NYSE:PSFE) stock is seeing major gains on Friday despite a lack of news from the payment solutions provider.
Paysafe Card Iphone Display with Keyboard Mouse and Red Pen
Source: Sulastri Sulastri / Shutterstock.com
So what has PSFE stock soaring today! It all has to do with retail traders over on the WallStreetBets Reddit setting it up for a short squeeze. Traders on the social media hub are gathering to boost up shares of the stock to push out hedge funds shorting it.
The big push for PSFE came after a due diligence post went up breaking down the stock went up late yesterday. The following is a portion of what the user behind the post had to say.
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“Paysafe has an amazing opportunity to establish it’s monopoly in the iGaming space. Their biggest competitors PayPal & Square are staying out of iGaming space and focusing more on Fintech space. Paysafe currently has agreements with few big companies such as DraftKings, Roblox, Twitch, Caesar’s entertainment and many more.”
Following the publication of this post, more than 200 comments were made in that thread. That seems to be what kicked off the interest in the stock. Since then, more users on the subreddit have been posting about PSFE stock as the price continues to rise higher.
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With the increasing interest in PSFE stock on Reddit, shares are seeing incredibly heavy trading today. As of this writing, more than 20 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 6.8 million shares.
PFSE stock was up 15.3% as of Friday morning but is down 11.4% since the start of the year.
Investors that are looking for more hot stock market news for Friday are in luck!
InvestorPlace offers daily coverage of the stock market with deep dives into the hottest trends. A few examples of stocks on the move today include Virgin Galactic (NYSE:SPCE), Nike (NYSE:NKE), and several others. You can learn all about what has these stocks moving at the following links!
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On the date of publication, William White 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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