Why Party City Stock Was Climbing Today
Even while shares of Bed Bath & Beyond (NASDAQ: BBBY) continued to crash today, fellow short squeeze stock Party City (NYSE: PRTY) was holding strong. The party-themed retailer continued to move higher on an apparent short squeeze this morning.
As of 11:09 a.m. ET, the stock was up 6.8% after gaining as much as 30% earlier in the session. Bed Bath & Beyond, on the other hand, was down 10% as that short squeeze continued to blow up in the aftermath of Ryan Cohen's decision to sell all his shares in the stock.
Party City was continued to only get a fraction of the attention that meme stocks like Bed Bath & Beyond and AMC Entertainment were getting on Reddit's WallStreetBets, but traders on Twitter and other platforms continued to pump up the stock.
Source Fool.com
