Blue Apron (NYSE:APRN) stock is rising on Wednesday as investors weigh the stock’s potential as a short squeeze play.
Blue Apron has been seeing quite a bit of positive movement lately without any news behind it. That has led some traders to latch onto the name as a short-squeeze target to pump up.
Backing up this idea is coverage from influencer Will Meade, who runs a Twitter (NYSE:TWTR) account with more than 294,000 subscribers. A former hedge fund manager, Meade often covers stocks with squeeze potential.
It’s also worth mentioning that Blue Apron is set to hold an investor conference today. The conference will start at 11:30 a.m. Eastern. Investors are pushing the stock higher ahead of the meeting’s launch.
What Else Is Affecting APRN Stock Today?
This news, combined with the other squeeze factors, has APRN stock seeing heavy trading on Wednesday. As of this writing, more than 9.4 million shares of the stock have changed hands. To put that in perspective, the meal kit company’s daily average trading volume is about 2.9 million shares.
Traders should also note that APRN stock hasn’t seen this kind of heavy trading in some time. On Monday morning, over 3.6 million shares had already traded hands. That put Blue Apron at its highest trading volume in some time.
APRN stock is up 11% as of Wednesday morning.
There’s more recent stock market news worth diving into below!
We’ve got all of the latest stock market coverage traders need to know about for Wednesday! A few examples include why shares of ZIM Integrated Shipping (NYSE:ZIM) stock, Hyzon Motors (NASDAQ:HYZN) and Cassava Sciences (NASDAQ:SAVA) stock are on the move today. You can get all the details from the following links!
More Wednesday Stock Market News
- Why Is ZIM Integrated Shipping (ZIM) Stock Down Today?
- Why Is Hyzon Motors (HYZN) Stock Down Today?
- Why Is Cassava Sciences (SAVA) Stock Up 20% Today?
On the date of publication, William White did not hold (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.