Carver Bancorp rally extends with retail investor focus

Carver Bancorp

09/07/2021 18:06

(Updates prices, adds short interest data)
    ** Shares of community bank Carver Bancorp Inc  CARV.O ,
latest co to grab the attention of retail investors, up 42.7% to
$31.24 after rising as high as $42.50 earlier in the session and
more than doubling its value on Thursday 
    ** By 1300 EDT (1700 GMT) ~52 mln shares had changed hands,
or almost 5x the stock's 10-day avg daily trading volume, with
members of social platforms such as Stocktwits focusing on CARV,
the holding company for Carver Federal Savings Bank which serves
African-American communities 
    ** As of Thursday's close, CARV had 350,000 shares sold
short up from 340,000 in the previous session, according to S3
data on Thursday  urn:newsml:reuters.com:*:nL2N2OK1CP
    ** A record 95.4 mln CARV shares changed hands on Thursday,
topping the previous record 1-day volume of 59.2 mln shares
traded on June 17, 2020
    ** So with the number of shares sold short representing "a
grain of sand" compared with CARV's trading volume, any short
covering would not boost the share price, according to S3's
managing director of predictive analytics, Ihor Dusaniwsky
    ** Dusaniwsky noted that while by Factset's calculation of
the stocks' free float, ~76% of the float is sold short, the
number of shares shorted pales in comparison to the daily
trading volume, reducing the likelihood of the share price rise
being caused by a so-called short squeeze
    ** Still, Carver has been among the most discussed stocks in
messages on retail social media platform Stocktwits in the last
24 hours, according to the site
    ** CARV reported a loss per common share of $1.14 in FY
ended March 31, 2021

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Carver Bancorp shares and volume in 2021    https://tmsnrt.rs/3xAiCeM
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 (Reporting by Medha Singh and Sinéad  Carew)
 ((medha.singh@thomsonreuters.com;
sinead.carew@thomsonreuters.com))