Why Blue Apron Stock Skyrocketed Today
Shares of Blue Apron (NYSE: APRN) were sizzling, moving higher on an ongoing short squeeze in the meal kit stock. Blue Apron continued to gain even as other meme stocks like Bed Bath & Beyond and AMC Entertainment faded.
As of 2:50 p.m. ET, the stock was up 23.4%. Since the stock began to rally on Aug. 8, its shares have doubled.
Like other meme stocks that have shot up in recent weeks, Blue Apron stock has been riding higher on what seems to be a mix of a wave buying among traders from platforms like Reddit and a short squeeze, which has accelerated the run-up. As of the end of July, 23% of Blue Apron shares were sold short, setting up the squeeze play. Today, about 17 million shares had changed hands with one hour left in the session, well above its daily average of 3.4 million shares, indicating heavy interest in the stock.
Source Fool.com