Cybersecurity firm IronNet's shares double on Reddit interest

Ironnet

07/09/2021 14:18

** Cybersecurity firm IronNet Inc's shares  IRNT.K  more
than double in premarket trading, the latest stock to draw
interest from retail traders 
    ** IRNT last up 83.3% at $30.5 after gaining as much as 155%
earlier; stock is #4 on the list of trending tickers on
Stocktwits 
    ** Third most traded stock across U.S. stock exchanges, with
2.7 mln shares exchanged hands vs 10-day moving avg of 2.1 mln 
    ** IronNet has been mentioned several times on Reddit's
forums in the past weeks as a candidate for "gamma squeeze",
which results in buying pressure from options-related trading 
    ** "We're looking at smart money accumulating options with
the intention of driving a gamma squeeze. Once retail catches
on, they'll maintain the momentum and be left holding the bag,"
a Reddit user with handle u/Undercover_in_SF wrote https://www.reddit.com/user/Undercover_in_SF/comments/pg3s2e/irnt_ironnet_cyber_security_an_actual_gamma
 last week
    ** "I don't know where this could stop, but I'm hoping I can
exit my calls at a share price of >$80," another user said on
Monday 
    ** Co completed SPAC merger with LGL Systems Acquisition on
Aug. 27, in a $1.2 bln deal announced in March
    ** Stock has leapt 64% since Aug. 25 close of $10.13 

 (Reporting by Sruthi Shankar)
 ((sruthi.shankar@thomsonreuters.com;))