Clubhouse Media Group Inc (OTCMKTS:CMGR) Gains Momentum on Short Squeeze
The past few weeks have been quite dramatic for anyone associated with the stock markets.
Reddit community known as WallStreetBets, which is made up of millions of retail investors, started targeting small-cap stocks. The action helped in generating massive gains and unleashed chaos in the markets.
In this scenario, it could be a good idea for investors to have a look at the Clubhouse Media Group Inc (OTCMKTS:CMGR) stock, which has established a presence on Reddit. In this regard, it is also necessary to point out that the stock has also generated enormous gains over the past week and soared by as much as 330% amid rising investor interest.
On Monday alone, the Clubhouse Media stock rallied by as much as 58%, and hence, a bullish pattern is emerging. That being said, it does remain to be seen if the stock can maintain its momentum today and for the rest of the week.
The clubhouse is an influencer-driven marketing and media platform, which produces content through its worldwide network of content firms. At this point, it has managed to grow a considerable following on Reddit and that is possibly one of the major reasons why that the Clubhouse stock has managed to generate such gains.
While the gains made by the stock over the course of the past week are certainly impressive, investors should also note that it has been in the middle of a remarkable for the past three months. During that period, the Clubhouse stock managed to record gains of as much as 700% and it is easy to see why the stock has managed to generate such gains.
The rally is primarily rooted in the fact that Clubhouse Media has managed to scale up its influencer operations considerably in recent months and the growing reach of its influencers has led to higher demand for its stock. Investors could consider adding the stock to their watch lists at this point.