Breaking Down Recent Reddit Target, RMED

Short interest on RMED is at an all-time high

Deputy Editor
Jun 7, 2021 at 10:19 AM
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RA Medical Systems Inc (NYSE:RMED) is shooting out of penny stock territory this morning, up 65.2% at $8.06 at last check, as the heavily shorted stock looks to be one of the latest victims of the "meme" stock craze. In fact, short interest on RMED is sitting at its highest volume on record, and the 1.06 million shares sold short make up a hefty 23.9% of the stock's available float. 

RMED's journey on the charts since going public back in 2018 has been dismal, with the stock initially traded well above the $510 level. The equity hit rock bottom on May 19, touching a record low of $2.85 -- quite a ways away from its 2018 levels. The 20-day moving average kept pressure on the stock during its most recent leg lower, though recent volatility has RMED once again distancing itself from the trendline. 

The stock is no stranger to wild price moves. A little under a month ago, RA Medical Systems stock saw an 18.1% post-earnings pop, though the 200-day moving average kept a lid on these gains. Should today's price action hold, RMED could be set to clear this trendline for the first time since February 2020, and notch its biggest one-day jump ever.

 

 

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