This post was just published on ZYX Short Change Alert.
SGMS provides lottery systems. It recently announced acquisition of BYI. SGMS ran up due to buying by ill informed investors on the first announcement. Smart Money sold aggressively into the run up and the stock went down. On August 20th the company announced termination of Hart-Scott-Rodino Anti-Trust regarding the acquisition. This was expected as a routine matter. However, ill informed investors again started running this stock up leading to a short squeeze today.
Consider accumulating up to 50% in small tranches in the zone of $13.30 to $17.50. Mental stop zone over $18.31 to $20.57. Target zone is $7.37 to $9.81. The stock is trading at $13.35 as of this writing. This is suitable only for aggressive experienced investors.
As this call makes the rounds, the stock may become hard to short. However, if you have good relationship with your broker, your broker should be able to borrow from the street.
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