Barnes & Noble Education (NYSE:BNED) stock is continuing to rally on Wednesday as the college bookstore chain is experiencing volatility this week.
With this volatility comes heavy trading of the company’s shares. As of this writing, more than 194 million shares of the stock have changed hands. That’s a massive surge in trading volume compared to its daily average of about 6.7 million shares.
Investors will also note that BNED stock has a relatively low float of 30.23 million units. That makes it easier for the stock to rally as traders buy up the shares today and helps explain the recent volatility.
What’s Behind the BNED Stock Rally?
There’s no news from Barnes & Noble Education that explains why its shares are rallying today. Instead, it looks like meme traders might be behind this movement. Recent reports point to traders over on the infamous r/WallStreetBets subreddit as being behind this movement.
Of course, all of this volatility means that BNED is a risky investment right now. While the shares are up currently, there’s no guarantee that they will remain this high in the coming days. If the meme stock rally loses steam, it could cause shares of BNED stock to quickly give up their current gains.
BNED stock was up 73.3% as of Wednesday afternoon, but it is still down 41.5% since the start of the year.
Investors looking for more of the most recent stock market stories are in luck!
We have all of the hottest stock market news available on Wednesday! Among that is what’s going on with shares of GigaCloud Technology (NASDAQ:GCT), Nio (NYSE:NIO) and BuzzFeed (NASDAQ:BZFD) stock today. You can read up on all of this at the following links!
More Stock Market News for Wednesday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
