Dole Stock Surges for Third-Straight Day After Catching Retail Traders’ Eye
(Bloomberg) -- Dole Plc shares jumped for a third-straight day after the world’s largest produce company caught the eye of retail traders including those on Reddit’s WallStreetBets forum.
The stock gained 7% on Thursday, the biggest jump since it returned to the stock market late in July, taking its climb since Monday’s close to about 16%. Over that span, the Dublin-based company has added more than $216 million to its market capitalization and is now worth about $1.6 billion.
Dole was formed from the combination of Charlotte, North Carolina-based Dole Food Co. and Ireland’s Total Produce, a transaction that was completed in February. It sold shares in the U.S. on July 29.
An outbreak of banana fungus which could lead to a supply shortage and fatter margins for Dole and the recent start of options trading for the stock are among the many theories being circulated by retail traders as a reason to buy the stock.
A spokesperson for the company declined to comment.
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