Offerpad, Spire Global shares soar with trading spikes

Offerpad Solutions

16/09/2021 20:33

** Offerpad Solutions  OPAD.N  and Spire Global  SPIR.N  shares
jumping on Thurs and their moves are likely exacerbated by an
options gamma squeeze according to one analyst
    ** OPAD, whose platform helps customers sell, buy homes
online with access to services, such as mortgage and title
insurance, last up 46.3% at $18.40 after rising to a record high
of $20.87 earlier in the session which was already a record for
trading volume with 92.9 mln shares changing hands 
    ** OPAD, which debuted on the NYSE on Sept. 2 after
completing merger with special purpose acquisition co Supernova
Partners Acquisition Co Inc, announced late Weds a credit
agreement from Sept. 10, for $300 mln credit facility over 24
months and potential $100 mln extension  urn:newsml:reuters.com:*:nL4N2QI2E7
    ** SPIR, a space-based data provided, last up 19.6% at
$11.67 after hitting high of $13.20 with 3.3 mln shares changing
hands 
    ** SPIR, which recently combined with NavSight Holdings, on
track for second straight day of gains. Co announced plan on
Sept 14 to buy exactEarth  urn:newsml:reuters.com:*:nASA02LGG
    **  While it couldn't explain the initial move in the
stocks, Thurs gains in OPAD and SPIR likely adding support as it
was "forcing option writers to buy more stock as a hedge to
their open short call positions," according to Ihor Dusaniwsky,
S3 Partners' managing director of predictive analytics
    ** Cybersecurity firm IronNet Inc  IRNT.N  likely seeing a
similar impact to its stock, Dusaniwsky said.  urn:newsml:reuters.com:*:nL4N2QI2NZ
    ** Neither OPAD nor SPIR had enough shares sold short for
short covering to explain the move, he said with only 0.32% of
SPIR's float or 340,000 shares sold short
    ** About 5.9 mln OPAD shares or 10.06% of its float was sold
short, according to Dusaniwsky
    

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +1 (646) 223 6186; Reuters
Messaging: sinead.carew.thomsonreuters.com@reuters.net))