Update: $IRNT – Gamma squeeze with >=273% of float claimed by OI & SI
Previous DD post is here
I wanted to provide an update on the gamma squeeze in $IRNT that I've been following heading into Wednesday and some final thoughts before it runs.
Quickly touching on the surprise earnings release. There wasn't an announcement of the earnings, so there wasn't really a warning they would be dropping this evening. This honestly doesn't change anything as this isn't a fundamental play and I wouldn't look to deep into AH movements on a low float stock like this. $IRNT will very likely resume it's run tomorrow unimpeded.
Since my last post the percentage of float claimed by institutional obligations has increased from 213% to 273% as of close today with short interest (as of the last numbers) taking up 56% of the float and options ITM OI accounting for 217%.
The intraday movements of the past two days have indicated that tomorrow will likely be the "start of the squeeze". So with that, I offer some price targets should this start to run tomorrow (these are peak targets). I personally expect it to start running tomorrow and hit peak either Thursday or Friday, more-so weighted towards Friday.
Likely Guaranteed: $29
If everything goes right: $135
If it matches other squeezes: $210
If it goes to the moon: $530
Take these price targets with a grain of salt. The only two that should matter right now are the first two, once those are broken, the others become more relevant and probably more likely very quickly.
As I said in the other post, this situation is highly unusual and the low float on this stock enables it to run really fast and really hard when buy volume comes in. This also makes this play very risky so only partake with money that you can afford to lose.
Good luck and godspeed gentlemen.
Disclaimer: I am not a financial advisor and this is not financial advise.
Submitted September 14, 2021 at 11:23PM by StonkGodCapital