WeWork Inc. WE shares popped on Thursday amid retail investor interest. The stock has been volatile after the company recently said there was substantial doubt over its ability to stay in business.
What To Know: WeWork stock is up over 130% on Thursday. The monster move came only days after the company reported worse-than-expected second-quarter financial results.
The company reported quarterly losses of 21 cents per share which missed the analyst consensus estimate of losses of 12 cent. Quarterly revenuescame in at $844.00 million, which missed the analyst consensus estimate of $850.13 million.
However, WeWork stock experienced a massive spike in retail investor interest on Thursday, with above-average trading volume of 486.31 million shares compared to its average volume of 22.30 million.
There is growing speculation that the tremendous interest in the beleaguered stock is an indication that the stock may experience the same meme treatment as other troubled companies like GameStop. Traders on Reddit's r/wallstreetbets coordinate massive purchases of beaten down stocks like WeWork, skyrocketing the price.
However, traders such as these prefer to target stocks with high short interest, but only 2.57% of shares of WeWork are currently sold short, according to Benzinga Pro.
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WE Price Action: Shares of WE were up 131% at $0.28 at the time of publication, according to Benzinga Pro. The stock is down more than 80% year-to-date.
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