At one point it seemed that the meme stock frenzy had abated but it has returned with a vengeance recently and there are many stocks which have rallied considerably in recent days.
One such stock is Alfi Inc (NASDAQ:ALF), which went up by as much as 109% on Tuesday and made a record high. It should be noted that the rally in the stock is part of a wider meme stocks trend. It seems to be the latest stock that has been targeted by investors from Reddit and other social media platforms. Yesterday, Alfi was the third most heavily traded stock on exchanges in the United States, having clocked a volume of as many as 211 million shares.
The scale of the rally can be gauged from the fact that back in early May the company commanded a market cap of only $15.5 million but now the market cap has soared to as much as $201 million.
The speculation about the stock was fuelled on social media on the back of a report that stated that the company is planning to buy back shares. The report was cited by an investor relations representative by the company to a leading financial media organisation. Investors could consider keeping an eye on the stock today.
Market Reaction:
On Tuesday, ALF stock soared by 109% to $16.29 with more than 216.50 million shares, compared to its average volume of 13.56 million shares. The stock has moved within a range of $9.03 – 16.45after opening the trade at $9.48. Over the past 52-week, the stock has been trading within a range of $2.41 – 16.45.
 Stock Makes a Big Volume: How Far Can It Go?){kind=link}