Why Petmed Express Stock Skyrocketed Today
Shares of Petmed Express (NASDAQ: PETS) were soaring today, riding the surge in meme stocks that was led by AMC Entertainment, whose shares nearly doubled today. Petmed Express wasn't far behind as shares of the online pet pharmacy finished up 58.4%.
The online pet pharmacy seemed to benefit from the same interest from investors on Reddit's WallStreetBets forum and other online platforms who were looking to execute a short squeeze, though PetMed Express wasn't specifically mentioned on WallStreetBets. As of May 13, 35% of the stock's float was sold short, meaning a significant number of investors were betting that the stock would fall.
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Source Fool.com
