Retail Value (NYSE:RVI) stock is on the move Friday and there are some strange circumstances surrounding its rise that we’re looking into.
Let’s jump into that below!
- First off is the weird stock movement we’re seeing from the company.
- Both Yahoo Finance and Google Finance show the stock as having traded in the mid $20-range for the last month.
- Then shares plummeted in after-hours trading yesterday to the $5 range.
- With markets opening this morning, those shares are now soaring higher, though nowhere near the previous mid-$20 range.
- All of this oddness comes as retail traders talk about a special dividend being paid by the company to shareholders.
- That dividend goes out today and is for $22.04 per share.
- That massive dividend payment could explain why investors saw such a sharp drop in RVI stock.
- Keeping that in mind, the recovery following could be retail traders attempting to pump the stock back up.
- After all, dropping to the $5 range makes it much easier for traders to pump shares with a low barrier to entry.
- But what exactly does Retail Value do?
- The company’s focus is on owning and renting real estate that is rented out to retailers.
- That includes malls and other locations around the U.S.
- It’s also worth noting that RVI’s market capitalization is $132.722 million.
- Today’s news also has RVI stock seeing heavy trading.
- As of this writing, more than 8 million shares have changed hands.
- That’s quite the jump from the company’s daily average trading volume of around 163,000 shares.
RVI stock was up 21.7% as of Friday morning.
There’s more recent stock market news worth diving into below!
InvestorPlace has all the latest stock coverage that traders need to know about for Friday. That includes why shares of Exela Technologies (NASDAQ:XELA) and Meta Materials (NASDAQ:MMAT) are moving, as well as details on the Udemy IPO. You can find all that from the following links!
More Stock Market News for Friday
- XELA Stock Alert: What Is the Partnership News Taking Exela Technologies Higher?
- MMAT Stock Surges as Investors Confuse Meta Materials for New Facebook Brand
- UDMY Stock IPO: 10 Things to Know as Udemy Starts Trading Today
On the date of publication, William White 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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