TR Stock Price Increased 11.44%: Why It Happened

By Amit Chowdhry ● Jan 28, 2021
  • The stock price of Tootsie Roll Industries, Inc. (NYSE: TR) has increased by 11.44% on Wednesday, January 27. This is why it happened.

The stock price of Tootsie Roll Industries, Inc. (NYSE: TR) has increased by 11.44% on Wednesday, January 27 as it went from a previous close of $38.45 to $42.85. One of the main triggers for the stock price increase has to do with the encouragement of buying up shares on social media. 

On Reddit, Facebook, Twitter, and Discord, a group of investors launched TR buying campaigns in order to increase the price of shares along with call options — gives buyers the right to buy the stock at a set price until a certain date. And short sellers — investors who borrow stock with a bet that the price will fall — have been buying the shares back soon in order to reduce more losses. Plus institutional investors are also buying shares to hedge against call options being bought.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.