What happened

The stock market was having a strong day on Tuesday, but Boston Omaha Corporation (NASDAQ:BOMN) was a major standout. As of 2:15 p.m. EST, the stock was higher by more than 16% for the day to reach a fresh 52-week high.

So what

Despite the move, there isn't any company-specific news propelling the holding company higher. However, given the recent stock market environment, it's worth pointing out that this is not a short squeeze. According to the most recent information, short interest in Boston Omaha is just over 1%, indicating that there aren't many investors betting against the company.

Man with confused expression.

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There are a few recent catalysts that could be contributing to today's move. For one thing, Dream Finders Homes (NASDAQ:DFH), a fast-growing homebuilder, went public recently and Boston Omaha owns more than 5% of the company. Dream Finders' IPO price was $13 and it has climbed to nearly double that recently, giving Boston Omaha a windfall of more than $60 million in unrealized gains. (Note: Boston Omaha's market cap is about $800 million, so Dream Finders is a definite needle mover.)

In addition, general vaccine optimism could have big implications for some of the company's businesses. For example, Boston Omaha's biggest business is billboard advertising, and many advertisers pumped the brakes on spending as the pandemic hit and fewer people were on the road to look at billboards.

Now what

The bottom line is that there's no news clearly fueling today's news; instead, it seems to be general shareholder optimism. But it's important to point out that this is not a short squeeze, so investors don't necessarily need to plan for a roller coaster ride in the stock price.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.