Investors are likely wondering why Invitae Stock squeezed over 278% today. The company reported earnings for Quarter 2, and they indicated a possible bright future for the company and the stock
INVITAE Q2 EARNINGS
Second-quarter revenue was $136.6 million, up 17.5% year over year. Invitae posted a net loss of $2.5 billion. The big thing to consider is that this is a huge increase to where things were at last year where the consensus estimate of a non-GAAP net loss of $0.74 per share.
The company also offered positive guidance which can really benefit after earnings is reported.
$NVTA SHORT SQUEEZE
NVTA was sold short heavily as of mid-July. With a company with relatively small float and bullish earnings always has the chance to short squeeze and this is exactly what seemed to have happened today.
The future for the stock and company could get even better soon. The forward guidance from the company and all the trading volume makes for a perfect situation for the perfect situation for a massive, short squeeze continuation like what we saw today.