IronNet Sees Sky-High WallStreetBets Interest As Stock Shoots Up 37%; Apple, GameStop, TMC, Clover Health Other Top Interests

IronNet Cybersecurity Inc. IRNT has emerged as the most-discussed stock on Reddit’s r/WallStreetBets forum as of Wednesday night, while GameStop Corp. GME, TMC the metals company Inc. TMC, Offerpad Solutions Inc. OPAD and Palantir Technologies Inc. PLTR are also seeing high interest.

What Happened: IronNet Cybersecurity is seeing the highest interest on the forum with 1,220 mentions as at press time, followed by exchange-traded fund SPDR S&P 500 ETF Trust SPY with 685 mentions, data from Quiver Quantitative showed.

Videogame retailer GameStop and mining startup TMC are in the third and fourth positions, having attracted 298 and 280 mentions, respectively.

Apart from real estate tech startup Offerpad Solutions and data analytics company Palantir Technologies, the other stocks trending on the forum include movie theatre chain AMC Entertainment Holdings Inc. AMC, Chinese e-commerce giant Alibaba Group Holding Limited BABA, Medicare Advantage insurer Clover Health Investments Corp. CLOV and tech giant Apple Inc. AAPL.

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Why It Matters: IronNet Cybersecurity, which merged with special purpose acquisition company LGL Systems Acquisition Corp. last month, is seen as a potential candidate for a “gamma squeeze.” Shares of the company, founded by former National Security Agency (NSA) director Keith Alexander, surged almost 38% in the regular trading session on high trading volume.

Offerpad Solutions, which recently public by merging with a special purpose acquisition company called Supernova Partners Acquisition Partners, is also seen as a potential candidate for a short squeeze on the forum.

GameStop is seeing high interest on the forum after it was reported that the Securities and Exchange Commission Chair Gary Kensler said the regulator is close to publishing its report on the GameStop short squeeze seen earlier this year.

Price Action: IronNet Cybersecurity shares closed 37.8% higher in Wednesday’s regular trading session at $32.13 and traded 53% higher in the pre-market session on Thursday. 

GameStop shares closed about 2.7% higher in the regular trading session at $204.52 but traded about 0.5% in the pre-market hours at $203.50.

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