Here's Why Lemonade Stock Was Soaring on Wednesday
The stock market was having a rough day on Wednesday, with all major market indexes well into the red at 11 a.m. EST. But the short-selling action we've seen in names like GameStop (NYSE: GME) and AMC Entertainment Holdings (NYSE: AMC) in recent days has spiked to another level, sending some of the market's most heavily shorted stocks spiking higher.
Insurance tech company Lemonade (NYSE: LMND) is one of the businesses that appear to be getting some ripple effects from the wave of short covering, with shares spiking higher by about 17% on the day.
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Source Fool.com
