The reddit crowd had a new meme stock this week, driving up the share price of SCWorx Corp. (WORX) 50% in morning trading on Tuesday. This was another classic short-squeeze. While WORX is not rated highly in our POWR Ratings system, Salesforce.com (CRM), Workday (NASDAQ:WDAY), and Cadence Design Systems (NASDAQ:CDNS) all are and are worth a look.Reddit traders were at it again Tuesday, driving up the shares of SCWorx Corp. (WORX). The company is a provider of data content and services related to the repair, normalization, and interoperability of information for healthcare providers and big data analytics for the healthcare industry. Its software enables healthcare providers to simplify and organize their data.
The stock shot up 50% at the opening bell and ended the day up 19.5%. There wasn't any major news regarding the company, which means it was a classic short squeeze. The company has a short volume ratio of 36% and a low price, making it easy for investors to buy up shares to try to push out hedge funds trying to short it. The stock is highly volatile, evidenced by its 15% fall today, and is currently rated a Sell in our POWR Ratings system.
While WORX may not be the best software stock for investors right now, there are quite a few highly ranked in our POWR Ratings system. Salesforce.com Inc. (NYSE:CRM), Workday, Inc. (WDAY), and Cadence Design Systems, Inc. (CDNS) are all ranked Buy and have numerous growth catalysts that should help push their prices higher in the months ahead.