Blue Apron (NYSE:APRN) stock has investors excited on Friday as the company’s shares increased above $1.
This is a big deal, as Blue Apron stock was previously below the minimum requirement of $1 per share to remain on the New York Stock Exchange. In fact, the company had already received a non-compliance notice from the NYSE in December 2022.
To go along with that, the increase in price for APRN stock has also brought the company’s market capitalization above the $50 million mark. That’s another requirement the company needed to meet to remain listed on the NYSE.
It’s worth noting that this doesn’t mean APRN stock will regain NYSE compliance. Shares have to trade above the $1 minimum at close for 30 trading days before the company can regain compliance.
What’s Behind Today’s APRN Stock Gains?
It looks like a short squeeze is responsible for the increasing price of APRN stock. Evidence supporting this is the 38 million shares that have changed hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 4.6 million shares.
In addition to that heavy volume, APRN stock has a high short interest. According to Fintel, the short interest currently sits at 45.3%. That figure is high enough to suggest that a short squeeze is behind today’s gains.
APRN stock is up 14.2% as of Friday afternoon.
Investors can find more of the latest stock market news for today below!
We’ve got all of the most recent stock coverage traders need to know about on Friday! A few examples include what’s going on with shares of American Virtual Cloud Technologies (NASDAQ:AVCT), Hexo (NASDAQ:HEXO) and Jasper Therapeutics (NASDAQ:JSPR) stock today. You can find out more at the following links!
More Friday Stock Market News
- AVCT Stock Alert: Is American Virtual Cloud the Next Big Squeeze?
- Why Is Hexo (HEXO) Stock Up 10% Today?
- Why Is Jasper Therapeutics (JSPR) Stock Up 50% Today?
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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.
