It's not about any fundamentals, it's the 24% of short-interest (7 days) on this stock. The rest of the float is just being squeezed up. It's probably just two funds trading 100-200 shares back and forth in microseconds all day long. No one has really bought this stock. It's obviously 100% squeeze, but that won't stop it from going up. The market doesn't care about valuations or we would be at SPX 750. Forget about the "valuations". It's all about too much liquidity and a squeezed float.
of course it was short squeeze but for those who aren't really being squeezed because they are not laying over their head and are just adding to their short positons, the rise is a blessing.
What rises too much WILL come down, and much more than people expect,. Not like we don;t have amazing examples of this. Apple, GMCR, NFLX, CMG, all have 50-75% retraces after these ridiculous spikes up on no fundamentals. Apple maybe is excluded from thsoe but the others are nonsense.