Marin Software: The Latest Red-Hot Meme Stock

In the last nine months, MRIN has added over 793%

Digital Content Manager
Jun 29, 2021 at 2:32 PM
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The retail trading frenzy is still going strong, with meme stocks seeing some of the highest trading volumes across U.S. exchanges today. Online advertising name Marin Software Inc (NASDAQ:MRIN) recently started to attract the attention of retail traders. Specifically, the security rose to the top 10 trending stocks on trading-focused website StockTwits, with roughly 93% of messages reflecting positive sentiment. Plus, just last week the company announced an integration with Instacart. At last check, the shares were up 70.9% at $12.82, one of the best stocks on the Nasdaq, and earlier scoring a four-year high of $14.15.

After trading below $2 for the last five months, the shares are now in double-digits for the first time since April 2018. Massive bull gaps have become the norm for Marin Software stock over the past few years. The security is pacing for its fifth-highest percentage jump on record today, after it notched its third-highest just yesterday. Shares had been trading mostly sideways prior to last week's surge, yet in the last nine months MRIN has added no less than 793.2%.

What's noteworthy is that unlike the initial iteration of meme stocks that were heavily shorted, MRIN's situation is much different. Short interest rose only 1.4% over the most recent reporting period, and makes up a slim 1.5% of the stock's available float. These bearish bets would take less than a day to cover, at MRIN's average pace of daily trading.

There's also no data on MRIN from analysts, so it will be interesting going forward to watch how the brokerage bunch treats the stock.

 

 

 

 

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