Why Rite Aid Stock Is Climbing This Week
Shares of Rite Aid (NYSE: RAD) were gaining this week with the pharmacy stock up 9.7% through Thursday. There was no major news out on the drugstore chain, but the stock did seem to benefit from a short squeeze as shares spiked early in the week, even on Monday when stocks broadly pulled back.
Image source: Rite Aid.
As the influence of traders on forums like Reddit's WallStreetBets has grown, it's not uncommon to see stocks with high short interest move higher with little explanation. AMC Entertainment Holdings and GameStop are the best-known examples of this phenomenon, but dozens of other stocks have benefited from brief, unexplained surges as well.
Source Fool.com
