Shares of department store chain Kohl’s more than doubled in value on Tuesday, making it one of the most-traded stocks on retail trading platforms and triggering a trading halt.
The stock is the No. 1 trending ticker on retail investor forum Stocktwits.
About 49% of Kohl’s outstanding shares available for trading are shorted, LSEG data showed.
After trading resumed, it was last up 30% at $13.32.
About 49% of Kohl’s outstanding shares available for trading are shorted, LSEG data showed. REUTERS
“Kohl’s has a lot of (fundamental) issues and yet this kind of crazy group move up just exemplifies what’s happening with the retail investor where they’re going to hop on superfast momentum stocks that we love to call meme stocks and hope to be able to make money,” said Kim Forrest, chief investment officer at Bokeh Capital Partners.
About 87 million shares traded hands in early