JAN Stock: JanOne Shares Skyrocket as Part of Reddit Run-Up Fever

JanOne (NASDAQ:JAN) stock is soaring higher on Thursday morning as it joins the selection of stocks being boosted by Reddit and other social media users.

The Reddit app and logo displayed on a smartphone screen.

Source: Tero Vesalainen / Shutterstock.com

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.

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.

Article printed from InvestorPlace Media, https://investorplace.com/2021/01/jan-stock-janone-shares-skyrocket-as-part-of-reddit-run-up-fever/.

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