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The apparel retailer skyrocketed Monday, extending its meteoric rally with record volume as retail investors touted the company across various social media platforms including Reddit message boards.
Shares of Columbus, Ohio-based Express rallied about 123 percent in early trading after gaining for a third week. The stock had advanced 97 percent this year through Friday. More than 90 million shares have traded so far today — about 10 times the amount that change hands in an average day for Walmart Inc. — after trading a record 77 million on Friday.
Express has been the subject of Reddit boards where users speculated whether it could be the next GameStop, the video-games retailer that is surging again today. GameStop, together with other heavily shorted stocks like Bed Bath & Beyond Inc. and AMC Entertainment Holdings Inc. all surged last week as they continued to gain popularity among retail investors.
Express short interest stands at about 14 percent of the free float, according data from S3 Partners.
By Divya Balji and Janet Freund.
