Today, investors in 1847 Goedeker (NYSEMKT:GOED) and GOED stock are seeing triple-digit gains.
Why?
Well, we don’t know. And neither does the company.
It appears today’s move for GOED stock is a mystery. Though, it’s perhaps not a long-shot to suggest frenzied buying from retail investors may have something to do with this.
In recent days, we’ve seen meme stocks once again regain their incredible brilliance in the market. How a furniture, appliance and home goods e-commerce player can more than double in a given day is beyond me.
However, this is a company that had a market capitalization of only $25 million yesterday. It’s got a small float, and a relatively high short volume ratio. Accordingly, it fits the bill of the social media-savvy retail investing crowd.
Today, GOED stock is valued at a market cap of more than $50 million, and tomorrow it could be $50 billion. Such is the state of the market these days.
Let’s take a look at what Goedeker has to say about all this.
Management Announces There’s No Announcement with GOED Stock
It’s pretty rare that an announcement is made by a management team citing no news.
But that’s what just transpired today.
Goedeker thought it best to clarify that “in response to unusual market activity, and after speaking with its directors, major shareholders and other relevant persons, it is unaware of the reason behind today’s stock price volatility. The Company confirms there is no corporate development relating to its business and affairs that has not been previously announced.”
Thus, it appears GOED stock is yet another playground for coordinated strikes by retail investors. Whether this action calms down remains to be seen. However, what’s going on in the markets right now truly is extraordinary.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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