Express (NYSE:EXPR) stock is heading higher on Monday despite a lack of news concerning the company.
To go along with the rising price is an increase in trading for EXPR stock. As of this writing, more than 89 million shares of the company’s stock have changed hands. To put that in perspective, the stock’s daily average trading volume is 24 million shares.
So why exactly are shares of EXPR stock up today? It looks like the reason behind the increase has to do with GameStop (NYSE:GME) stock. GameStop announced today plans to refocus its business on digital with the help of Chewy (NYSE:CHWY) Ryan Cohen.
This GameStop news has nothing directly to do with Express, but that isn’t stopping retail traders from Reddit from jumping ship on the stock. Express was among the stocks that traders of Reddit WallStreetBets picked out as a favorite. It looks like that favoritism continues today with them boosting shares higher alongside GME even without any news to go off of.
Investors looking to understand more of why EXPR stock and other meme stocks see boosts like this are in luck. InvestorPlace has extensive coverage of the phenomenon at these links below.
- 7 Meme Stocks That Have Retail Traders ‘Stonk-ing’ Up
- How to Navigate the Questionable Future of the Top 10 Meme Stocks
- Reddit Stocks: Why GME, AMC, NOK, BB, EXPR and KOSS Are on a Rocket Ship Again
- 9 Meme Stocks That Social Media Won’t Shut Up About
- 7 Stocks That Top the Ridiculous ‘Reddit Stock Run-Ups’ List
EXPR stock was up 60.4% as of Monday afternoon and is up 324.7% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.