Why Support.com Stock Rocketed Higher Today
Shares of Support.com (NASDAQ: SPRT) surged higher on Thursday, climbing as much as 43.2% earlier in the session, ultimately ending the trading day up 41.1%. That's not all. The company, which provides technical support services and cloud-based software, has been on fire all week -- gaining more than 150% -- on the receiving end of an epic short squeeze and a benefit from a cryptocurrency connection.
While there was no specific news regarding Support.com today, there are a couple of tailwinds that have been driving the stock higher.
The company announced earlier this year that it plans a reverse merger with privately held Greenidge Generation Holdings, which bills itself as "the first 100% carbon-neutral Bitcoin (CRYPTO: BTC) transaction processor in the United States." With the ongoing adoption of digital currencies and the growing awareness of the negative environmental impact of cryptocurrency mining that relies on fossil fuels, Greenidge is positioning itself as a planet-friendly alternative.
Source Fool.com
