Why SmileDirectClub Rocketed Higher Today
Shares of SmileDirectClub (NASDAQ: SDC) rocketed some 11.2% on Thursday, even as the broader markets were up less than 1%.
SmileDirect has become a highly controversial stock with a relatively high short interest. As of Aug. 15, more than 20% of its shares were sold short, as short sellers appear to think the indebted company is in for rough waters in the year ahead.
However, when there is incremental good news, highly shorted stocks can rally as shorts rush to cover. It appears that's what's happening today.
Source Fool.com
