WeWork Inc. WE shares are blasting higher on Tuesday despite a lack of company-specific news.
The Details:
WeWork shares are rocketing higher on very heavy trading volume. According to data from Benzinga Pro, more than 26 million shares have been traded in the session, compared to the stock's average volume of 1.354 million shares.
Shares of WE are trading nearly 50% higher, but WeWork shares remain down nearly 40% over the last month.
WeWork, Inc. effected a 1-for-40 reverse stock split on Sept. 1, and WE shares began trading on a post-reverse split basis on Sept 5.
WeWork has become known as the newest "meme stock" due to its popularity among retail investors and is currently ranked as one of the top trending tickers on Yahoo! Finance and Stocktwits.
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WE Price Action: According to Benzinga Pro, WeWork shares are up more than 50 % at $4.61 at the time of publication.
Image: Gerd Altmann from Pixabay
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