Over the course of the past week, retail firm Express Inc (NYSE:EXPR) has seen its stock soar by 30% and the upward trend continued this morning as the stock went up by another 9%.
There has been no news about the company that might have triggered this strong rally in the Express stock. However, it seems that last week a ‘meme stock’ rally had been set off in the Express stock by some retail investors.
In this regard, it is necessary to point out that earlier on this year in January; the Express stock had been a target of retail of investors from the Reddit community WallStreetBets for short squeezes. When a ‘meme stock’ rallies strongly, it tends to have an effect of other stocks in the same group. It now remains to be seen if the Express stock can actually hold on its momentum over the course of the coming days.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.