Why Figs Stock Popped 26.2% This Week
Shares of Figs (NYSE: FIGS) popped 26.2% this week, according to data from S&P Global Market Intelligence. The recently public stock didn't have any material financial news announced this week, but management did announce the company was partnering with the Say platform to allow retail investors to ask questions on its upcoming earnings call.
Typically, when a company makes an immaterial announcement like this, which is just allowing access for investors and changes nothing about the company's underlying business, the stock will not move. But in this era of meme stocks and enthusiastic retail investors, an announcement like this can cause a huge jump in the share price. This looks to be what happened with Figs this week, as there was no other news released from the company and the stock jumped the same day the news release was put out.
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Source Fool.com
