Zomedica (ZOM) Resumes The Uptrend: Will it Hit $5?

It seems the veterinary health company Zomedica Corp (NYSE: ZOM) stock is now a target of a member of the Reddit community WallStreetBets and hence, despite there being no recent news about the company recently, the stock made strong gains this past Friday.

The company saw its stock soar by as high as 27% on Friday and it remains to be seen if further action on the stock leads to more gains today. Many brokerages had already restricted trading on GameStop and hence, investors from the Reddit community are now in the hunt for other highly shorted stocks. Zomedica is one such stock considering the fact that 10% of its stock is currently held short.

The target is to force short sellers to close their positions by buying back the stock and thereby sending the Zomedica stock price higher. That being said, the stock has not managed to record such explosive gains as GameStop and AMC. Investors could consider keeping an eye on the stock this week.

Zomedica (ZOM) Resumes The Uptrend: Will it Hit $5?

Jack Dawkins

Finance and Tech Contributor