Based in New York, Aterian Inc (ATER: US) is a tech-based consumer products company that is the umbrella over multiple brands. The products the company holds under its belt include kitchenware, beauty products, cosmetics, and electronic appliances among others.
Possessing a current M Cap of $239.061 M, Aterian commenced 2022 with a closing price of $4.21. Since then, the stock’s value has taken a steep turn downwards. On March 14, the stock closed at $2.14, but since then has been rapidly improving.
According to the recent statistics on NASDAQ, ATER is still undergoing a high shorting. 9.04 million shares of the retail stock have been shorted, and the short interest rate stands at 14.5%.
The turn of events came on April 04, when ATER stock rose on a single day by 35.71%. The cherry on top was the number of shares traded per volume which went up to almost 144.56 million on the same day. Reddit users began cheering the short squeeze of the retail stock and also mentioned in detail the debacle which affected the stock in 2021.
Price Rise Potential
Like most short squeeze stocks, ATER too earned its own subreddit around the same time that the stock price increased back in 2021. Since then the price declined but is slowly garnering speed yet again.
Formerly known as the Mohawk Group, Aterian was ranked 166 among the list of 500 American companies that are rapidly growing according to Financial Times.
Two headlines circled the company prior to this: Cynthia Williams, who has worked in Microsoft and Amazon was the latest addition to the company's Board of Directors. The company’s earnings report. The latter divulged that Aterian’s total revenue for 2021 was 33.4% greater than its results for 2020. The same report also had a fairly modest forward-looking statements section, but the real star is the hype the stock has seen online.
Recently, ATER was ranked the third most searched stock on Reddit right behind the infamous meme stocks: GME and AMC. Most investors believe ATER has a strong bullish future and is on a dip at present.