Revlon (NYSE:REV) is on the move Friday as the volatility surrounding the meme stock continues following its bankruptcy announcement.
Revlon has been a hot name among retailers recently as investors hold out hopes for a short squeeze of the stock. The interest in REV stock started to ramp up last month when the company announced a bankruptcy filing. Fintel even listed REV stock as one of the top companies with short-squeeze potential for this week.
It’s not just short squeeze hopes that have REV stock on the move. There’s also been rumors circulating that another company may swoop in and buy the failing fashion product maker. While there’s no official word on that, it’s still been keeping investors excited these last couple of weeks.
Of course, there is a reason that REV stock is seeing so much price action today. The stock has been experiencing heavy trading ever since markets opened. As a result, some 20 million shares have changed hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 15 million shares.
The idea of a short-squeeze boosting REV stock even after a bankruptcy filing isn’t as absurd as it sounds. We saw the same thing happen with Hertz (NASDAQ:HTZ) a couple of years ago. The pandemic did a number on the company and retail traders came in to save the day by sending shares higher event after it filed for bankruptcy.
REV stock is down about 1% Friday afternoon after running higher in morning trading.
Investors can find more recent stock news below!
We’ve got all the hottest stock news traders need for Friday! Among that is what’s going on with ProShares Ultra Bloomberg Natural Gas Fund (NYSEARCA:BOIL), Akebia Therapeutics (NASDAQ:AKBA) and General Motors (NYSE:GM) stock today. You can find out more about these matters at the links below!
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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.