Over the past couple of weeks, members from Reddit investment community WallStreetBets have unleashed mayhem in the markets by pumping heavily shorted stocks and sending stock prices through the roof.
Two of the best-known target stocks were AMC and GameStop, however, the frenzy has spilled on to other stocks as well.
One such stock is that of Healthier Choices Management Corp (OTCMKTS:HCMC), which saw its stock soar by as much as 800% over the course of the past week and the remarkable rally in the stock continued yesterday.
On Monday, the Healthier Choices stock rallied by as much as 131% as investors continued to back it.
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The frenzy around many stocks led online trading firm Robinhood to impose restrictions on retail investors’ ability to buy shares and options contracts in GameStop and AMC. Some other stocks were restricted as well. However, such a drastic step has not actually stopped the investors from WallStreetBets to curb their campaign.
Experts believe that the investors from the community, which boasts of millions of members, have simply moved on to other stocks. It seems that the Healthier Choices stock is one of the beneficiaries in that regard.
The aggressive approach from those community members has continued and that has brought about the monstrous gains in the Healthier Choices stock.
In order to get a better idea about the latest action in the stock, it is perhaps better to look at cold hard data. According to the data, as many as a billion shares of the Healthier Choices stock have been traded by investors in recent days.
Such frenzied trading can often lead to enormous gains and that is exactly what has happened. The company, which is involved in providing consumers with healthier choices across a range of product categories, seems to have become the latest target of the WallStreetBets community.
Investors could do well to keep an eye on this stock this week as volitility is sure to continue.
Disclaimer: We hold no shares in HCMC stock.