Surge stock is being churned like butterHave a look at the past month and a half of short trading: both shorting and covering. Not much real trading; I would bet very little bespoke selling and there are some gutsy and lucky folk getting a bargain as the shorters control the price.
The last two weeks of May saw over 3M shares shorted with 2.9M of those covered in the same time frame. The two weeks before that 7M shares were shorted with 11M(!) shares covered (dropping the short count from 4.6M to 476K).
Over the past two weeks saw six million shares shorted. The consolidated report later this week will tell us about how much of this (and the 554K short that was already on the books) was covered. And a lot more about what is driving share pricing than all the rest of the speculation here. My guess is that it will be mostly a wash - they are trading between themselves to rein in the price.