Shares of Mega Fortune (MGRT +13.90%) absolutely skyrocketed this week, according to data from S&P Global Market Intelligence. From last Friday's market close to 12:30 p.m. ET on Thursday, the stock had gained 182%. That's actually a sharp intraday dip; two hours earlier, the stock was up by 238% from last Friday. Mega Fortune's stock price has swung from $49 to $64, then back down to $28, before rebounding to $44 per share. That's just Thursday's action.
Mega Fortune had no reason for any of these moves, though. You're watching the wild, unpredictable price swings of a meme stock in action.
NASDAQ: MGRT
Key Data Points
Meet the mystery stock du jour
You've probably never heard of Mega Fortune before. Neither had I, two hours ago. Here are the basics.
It's a Cayman Islands-based microcap that helps other companies build software for their Internet of Things (IoT) devices, all under the wholly owned Hong Kong brand QBS Systems.
The stock has been trading on the Nasdaq exchange since July 2025. One week ago, its market cap was just $206 million -- barely large enough to merit coverage here at The Motley Fool.
The company reported full-year 2025 results on Feb. 3, showing $11.1 million of annual revenue and $1.8 million in net income. But that's old news in April. The only fresh news on its website and investor relations page over the last week was a routine stock purchase report from one of its directors.
Image source: Getty Images.
The short squeeze that wasn't
Yet, the stock more than tripled in less than four days on a massive spike in trading volume. Speculators chatted about the stock in various online forums, discussing how a few well-placed trades could inspire a short squeeze.
Mega Fortune didn't fit the classic short-squeeze setup, with just 2% of its float on loan to short-sellers in March. But the lightly traded stock was still an easy target. When I say "massive spike," I mean the daily dollar-based trading volume surged from about $2.3 million to $16.9 million over three short days.
That's the whole story, folks. Mega Fortune didn't crush an earnings report or announce a game-changing product. This incredible price surge is just another meme stock spike, almost certainly destined to collapse over the next few days.
