GEO Stock has seen a price increase of nearly 40% today as Redditors look to squeeze out shorts.
GEO Group is a private real estate company that owns and runs a number of prisons in the US. President Joe Biden has vowed to eliminate the use of privately owned prisons in the US in an attempt to bring the country’s incarceration rate down – the highest rate in the Western developed world.
This has led analysts to believe that the stock price will go down as the US government ends its contracts with the firm. In response to this, Redditors have seen the short orders as a new opportunity for creating a short squeeze, as was seen most famously with Gamestop stock.
After spiking by almost 40% to now trade around $8.80, speculation is abound on where the stock could be headed next.
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What are people saying on Reddit about GEO Stock? Is it a good buy?
GEO Stock has been mentioned in 90 Reddit posts over the last seven days, including by r/wallstreetbets who have also been touting the coin as a profit making opportunity.
Short interest is currently in and around 36%, meaning there could be a lot of orders that could be swallowed up by a big swing to the upside.
Coversealy, further upside moves could play into the bears’ hands (paws) if they are able to enter more short positions as the price climbs higher.