Shares of the cosmetics giant Revlon Inc. shot up 18 percent since Tuesday, with the stock seeing it’s best three-day stretch in Wall Street since filing for bankruptcy last week.
By closing time Thursday, the stock was up $7.20 per share, a 269 percent increase over the last week, which came after individual investors gave the company a surge in what appears to be the latest meme stock phenomenon.
More than 186 million shares were traded on Tuesday, the most in the company’s history, with another 175 million trades on Wednesday, mostly coming from individual traders, the Wall Street Journal reported.
Bets on the future of the company were at an all time high this year as more than 210,000 contracts were traded on Wednesday, with the most popular option looking for shares to rise another $10.
The outpour of support and trading for the popular makeup company is reminiscent of when investors game out in droves to support GameStop against Wall Street investors betting on the…
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