Institutional hedge funds got greedy and they're getting punched in the gut by retail investors; personally i think it's nice to see.

A few comments on the price action:

1) true short interest is unclear; remaining short-sellers will likely be forced to "buy to cover" over the next few days, potentially driving the price even higher.

2) WSB users invested heavily in call options; "exercising a call" option can also drive price action higher if they were sold a "naked call".