IronNet has sparked interest on Reddit and Twitter in recent days.
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Shares of cybersecurity company IronNet surged more than 110% in premarket trading early on Tuesday.
The stock has been the subject of a number of discussions on Reddit in recent days as a potential candidate for a ‘gamma squeeze’—buying bullish options to create more buying pressure, as seen with movie-theater chain AMC Entertainment and videogame retailer GameStop.
IronNet shares rose 23% on Friday and were 115% higher in premarket trading at one point early on Tuesday.
The cybersecurity company merged with special-purpose acquisition company LGL Systems Acquisition Corp at the end of last month. The stock had surged close to 30% on the combined company’s trading debut on the New York Stock Exchange—trading was paused at one point due to volatility—before slipping back to close slightly lower.
Write to Callum Keown at callum.keown@dowjones.com
