Double Digit NASDAQ Stock Winners: ANY, BTCM, DTST

8:21 am Friday, September 03rd, 2021

Following are major stock gainers on Nasdaq in Thursday’s trading session:

Sphere 3D Corp (NASDAQ:ANY) was the active stock gainer on Thursday and soared 42% to $9.40. Forget Wall Street analysts, fundamental financial analysis (what’s a DCF model anyway?) and taking a long-term perspective on the stock market. Today, investors have a new playbook. For those intrigued by Sphere 3D (NASDAQ:ANY) and ANY stock, it’s time to consider the power of social media.

Indeed, it’s incredible to see how the concept of investing has changed so rapidly over the past year. The rise of retail investors driving large price moves in given stocks regardless of fundamentals is impressive. However, the power of the consensus social media provides in gathering large groups of individuals together to make these bets is increasingly being underestimated by institutional money managers and the big money that has dominated Wall Street for so long.

BIT Mining Ltd – ADR (NASDAQ:BTCM) was another notable winner as the stock went up 35% to end the session at $12.64 Many traders believed this stock was ripe for a short squeeze, and perhaps the surging prices of Bitcoin and Ethereum provided the necessary catalyst.

For context, Bit Mining stock was previously down for two reasons. First, cryptocurrency mining companies in China have been struggling because the government banned mining operations there. This forced companies like Bit Mining to shut down, at least temporarily. Second, the market has soured on Chinese stocks in general. For example, the iShares MSCI China ETF (a fund that holds a variety of Chinese companies) is down roughly 26% from its high earlier this year.

Data Storage Corp (NASDAQ:DTST) 29.60% to $5.08 after the company announced it has established a managed services model partnership with Precisely, a global leader in data integrity software, to bring innovative security software solutions to the Data Storage cloud.

“Having worked with Precisely for many years within the traditional IBM mainframe environment, we are excited to now offer Precisely data integrity solutions to the many companies migrating to the cloud that have a need to protect information, data privacy, and compliance adherence,” commented Hal Schwartz, Data Storage’s President.