Just like with the other targets of Reddit traders, JAN stock is being picked up to boost its price up to higher levels. It also has the effect of harming short-sellers, which in some cases appears to be part of the goal with the recent social media stock trading buzz.
Of course, this means that there’s a heavy spike in trading for JAN stock this morning. As of this writing, more than 3 million shares of the stock have changed hands. To put that in perspective, the stock’s daily average trading volume is only about 341,000 shares.
JanOne is a biopharmaceutical company developing treatments for diseases that cause severe pain. The company was founded in 2019 after changing its name from Appliance Recycling Centers of America.
It’s worth pointing out that JAN is far from the only stock being targeted by Reddit users. The WallStreetBets Reddit has been going after several different stocks lately in an effort to push them higher. You can check out the following stories to learn more.
- Silver Stocks News: Is a Reddit Silver Squeeze Targeting AG Stock? Other Mining Stocks?
- Reddit’s Wall Street Bets: 5 WSB Stocks That Could Be the Next GameStop
- Reddit Traders Squeeze GameStop, And These 5 Stocks Could Be Next
- CVM Stock: Why Cancer Play Cel-Sci Is Riding the Reddit Wave
- AMC Stock: The Next Reddit WallStreetBets Stock of the Day?
- GME Stock: 11 Things to Know About the Wild GameStop Drama on Reddit WallStreetBets (WSB)
JAN stock was up 146.5% as of Thursday morning but it appears trading of the stock has been halted.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.