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Why Party City Stock Was Popping Today

TheMotleyFool

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Why Party City Stock Was Popping TodayPhoto, wide shot, wide-angle lens, Clothing manufacturer, neutral atmosphere, photo by Galina Stepanova: https://img.theapi.app/temp/4c710447-f68a-47bc-a682-c2d83e801596.png

Shares of Party City (NYSE: PRTY) were soaring today as the struggling party-themed retailer seemed to become the latest retail stock to benefit from a short squeeze.

For the third day in a row, shares were up significantly on unusually high volume. As of 2:47 p.m. ET, the stock had gained 21.4%.

There was no fundamental news driving Party City shares higher. Instead, it seemed to be benefiting from similar behavior in meme stocks like Bed Bath & Beyond and GameStop as traders have banded together on forums like Reddit's WallStreetBets to execute a short squeeze and drive the stocks higher.

Source Fool.com

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