The Party Is Over for Reddit's Latest Target

Trading volume on BLIN saw an unprecedented spike yesterday

Deputy Editor
Jul 7, 2021 at 10:35 AM
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The shares of Bridgeline Digital Inc (NASDAQ:BLIN) are plummeting this morning, last seen off 30.1% to trade at $8.55, snapping a seven-day win streak that placed the equity at a roughly three-year high of $14.38. The software name has been the latest target of retail investors, with the security seeing a massive spike in trading volume just yesterday, which helped it become the third most actively traded stock across U.S. exchanges at one point. 

BLIN's recent surge as a meme stock yanked it out of penny stock territory last month, with the equity quickly toppling several layers of resistance along the way, including a ceiling at its 100-day moving average. The stock also boasts a 423% year-over-year lead, though it has now erased all of yesterday's gains.

While shorts have started hitting the exits, dropping roughly 12% in the last two reporting periods, plenty of bears are hanging on. Short interest makes up 5.2% of BLIN's available float, and would take nearly a week to cover, at the stock's average daily pace of trading. 

 

 

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