This is a very young company, founded in 2019. Company insiders own almost 90% of the stock, so the float is very small, which can make for some large trading swings on very little or no news.
They slightly missed expectations on their last earnings call, which has resulted in an enormous short interest.
Oil and Gas drillers can have very wild ups and downs on earnings to begin with. It’s a tough business, and that coupled with the recent volatile economic conditions, the war in Ukraine, Inflation fears and the pandemic, make it virtually impossible to have smooth earnings calls.
Shorting stocks is extremely dangerous, you can, in theory, lose infinity dollars. A lot of traders have shorted this one, and there just is not enough data to support the idea that this stock should go down.
This stock could be tomorrow’s meme stock, with its tiny float and huge short interest, if they have a good quarter this could easily turn into one of those “to the moon” things. A short squeeze occurs when a company’s stock goes higher, and then all the short sellers need to buy the stock to close out their trades, which sends it even higher. Be careful, but that could happen here.