Retailer Express More Than Doubles Amid Reddit Speculation

Pedestrians walk past an Express Inc. store in New York, U.S., on Wednesday, May 31, 2017. Express Inc. is scheduled to release earnings figures on June 1. Photographer: Mark Kauzlarich/Bloomberg

(Bloomberg) -- Apparel retailer Express Inc. skyrocketed in premarket trading Monday, extending its meteoric rally with record volume as retail investors touted the company across various social media platforms including Reddit message boards.

Shares of Columbus, Ohio-based Express rallied about 140% in early trading after gaining for a third week. The stock had advanced 98% this year through Friday. Nearly 60 million shares have traded so far today -- more than six times the amount that change hands in an average day for Walmart Inc. -- after trading a record 77 million on Friday.

Express has been the subject of Reddit boards where users speculated whether it could be the next GameStop, the video-games retailer that is surging again today. GameStop, together with other heavily shorted stocks like Bed Bath & Beyond Inc. and AMC Entertainment Holdings Inc. all surged last week as they continued to gain popularity among retail investors.

Express short interest stands at about 14% of the free float, according data from S3 Partners.