Why Rite Aid Stock Jumped by 15.6% Tuesday
Drugstore company Rite Aid (NYSE: RAD) saw its shares rise 15.6% on Tuesday. After closing at $5.91 on Monday, the stock opened Tuesday at $6.18 and rose to a high of $7.37 in the first couple of hours of trading, its highest point since Sept. 22. It closed the session at $6.83. The stock is still down more than 52% this year. Its 52-week low was $3.84, and its 52-week high was $15.62.
The company released no news that could explain the session's stock price gains, though the S&P 500 gained about 0.9% Tuesday. Rite Aid's last quarterly report was delivered more than a month ago, on Sept. 29.
So what could have pushed the stock higher Tuesday? The best explanation may be a meme-trading-fueled short squeeze.
Source Fool.com
