Shares of division store chain Kohl’s more than doubled in worth on Tuesday, making it one of the most-traded shares on retail trading platforms and triggering a trading halt.
The stock is the No. 1 trending ticker on retail investor discussion board Stocktwits.
About 49% of Kohl’s excellent shares obtainable for trading are shorted, LSEG information confirmed.
After trading resumed, it was last up 30% at $13.32.
About 49% of Kohl’s excellent shares obtainable for trading are shorted, LSEG information confirmed. REUTERS
“Kohl’s has a lot of (fundamental) issues and yet this kind of crazy group move up just exemplifies what’s happening with the retail investor where they’re going to hop on superfast momentum stocks that we love to call meme stocks and hope to be able to make money,” said Kim Forrest, chief investment officer at Bokeh Capital Partners.
About 87 million shares traded palms in early trading, 11 occasions its 25-day transferring average quantity, bringing back reminiscences of a ‘meme-stock’ rally from 2021 in extremely shorted retail favorites such as GameStop and AMC Entertainment.
Meme stock rally burst into the open in 2021 when the COVID-19 lockdowns boosted financial savings, coverage stimulus put money into people’s pockets and extraordinarily low rates of interest pushed buyers to the stock market.
Earlier this week, other extremely shorted shares such as Opendoor Technologies also witnessed robust retail curiosity.
The online residential real estate platform’s shares were up 10%, having gained more than 300% over the previous six periods.