Today, investors in New Concept Energy(NYSEMKT:GBR) are seeing absolutely massive gains. Indeed, shares of GBR stock are up more than 60% at the time of writing on very heavy volume today.
This move comes amid what appears to be a changing of the guard among meme stocks today. A range of small-cap stocks such as GBR are seeing inflows, with more popular meme stocks are on the outside looking in.
Indeed, GBR stock has been a meme stock favorite in the past. The company opened this year below $2, but skyrocketed in January to above $30, providing investors with a quick 15-bagger. Since then, shares have declined back toward the company’s initial valuation this year. However, this past month has seen shares climb from below $4 to above the $8 currently, representing a double-up in just a few weeks.
For investors interested in this company, let’s dive into a few interesting facts on New Concept Energy.
7 Things to Know About GBR Stock
- New Concept Energy has been around for more than four decades; the company wasfoundedin 1978.
- Since 2003, the company has been focused on energy and resource development.
- The company earned$2.3 millionin the third quarter of 2020.
- These earnings were a result of asset sales to a third-party business. The company sold off its asset portfolio, while also wiping its debt clean.
- Accordingly, New Concept Energy is currentlyseeking to acquirea controlling interest in new energy projects.
- Given the otherwise blank slate New Concept Energy provides investors, this stock has seen heavy short-selling interest of late.
- The company’s currentshort volume ratioof 32% has inspired what appears to be yet another short-squeeze attempt recently.
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