Why Support.com Shares Are Sliding Again Today

Support.com Inc (NASDAQ:SPRT) is trading significantly lower on above-average volume Tuesday as the stock continues to pull back following recent strength.

The average session volume over the last 100 days is about 17.5 million. Trading volume was approaching 25 million at publication time. 

The stock has been circulated as a potential short squeeze candidate on social media. The short float is currently 6.1 million, according to data from Benzinga Pro.

The stock surged higher amid increased retail investor interest about three weeks ago. However, the stock has been trending lower since the beginning of September. 

The most recent downtrend began after shareholders approved a merger with Greenidge Generation Holdings Inc. The pending merger is expected to close and become effective after the market closes today.

SPRT Price Action: Support.com has traded as high as $59.69 and as low as $1.62 over a 52-week period.

The stock was down 28.30% at $13.68 at time of publication.

Photo: Stuart Bailey from Pixabay.