Thursday 23 June 2022 11:48 PM Revlon shares jump 269% since filing for bankruptcy last week  trends now

Thursday 23 June 2022 11:48 PM Revlon shares jump 269% since filing for bankruptcy last week  trends now
Thursday 23 June 2022 11:48 PM Revlon shares jump 269% since filing for bankruptcy last week  trends now

Thursday 23 June 2022 11:48 PM Revlon shares jump 269% since filing for bankruptcy last week  trends now

Shares of the cosmetics giant Revlon Inc. shot up 18 percent since Tuesday, with the stock seeing it's best three-day stretch in Wall Street since filing for bankruptcy last week. 

By closing time Thursday, the stock was up $7.20 per share, a 269 percent increase over the last week, which came after individual investors gave the company a surge in what appears to be the latest meme stock phenomenon. 

More than 186 million shares were traded on Tuesday, the most in the company's history, with another 175 million trades on Wednesday, mostly coming from individual traders, the Wall Street Journal reported. 

Bets on the future of the company were at an all time high this year as more than 210,000 contracts were traded on Wednesday, with the most popular option looking for shares to rise another $10.

The outpour of support and trading for the popular makeup company is reminiscent of when investors game out in droves to support GameStop against Wall Street investors betting on the company's downfall.      

By closing time Thursday, Revlon stock was up $7.20 per share, a 269 percent increase over the last week following a bankruptcy filing

By closing time Thursday, Revlon stock was up $7.20 per share, a 269 percent increase over the last week following a bankruptcy filing

The outpour of support appears to be another example of the meme stock phenomenon, with thousands of bets placed that the stock will go up another $10

The outpour of support appears to be another example of the meme stock phenomenon, with thousands of bets placed that the stock will go up another $10  

The makeup giant had been seeing its stock plunge this year, hitting a low of $1.17 last week

The makeup giant had been seeing its stock plunge this year, hitting a low of $1.17 last week

Revlon's stocks hit their lowest point on June 13, worth only $1.17 a share, as speculation grew that the cosmetic giant would file for bankruptcy, which it did two days later. 

'Consumer Consumer demand for our products remains strong – people love our brands, and we continue to have a healthy market position,' Revlon CEO Debra Perelman said in the bankruptcy filing. 'But our challenging capital structure has limited our ability to navigate macroeconomic issues in order to meet this demand.'  

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