Shares of WeWork Inc. (WE) experienced a remarkable surge of 80.8% in afternoon trading on Tuesday. This surge not only makes WeWork the best performing stock on major U.S. exchanges but also marks a doubling in value over just two days.
Impressively, the trading volume skyrocketed to 47.5 million shares, far surpassing the average of about 2.4 million shares over the past 30 days. It's worth mentioning that this extraordinary one-day gain is the largest since WeWork began trading under the "WE" ticker symbol on October 21, 2021.
What's intriguing is that there has been no release of news or announcements from WeWork on Tuesday. Despite this, investor confidence has soared. Unfortunately, the company has yet to respond to requests for comment or information.
It's important to note that Monday saw a 15.9% rally in WeWork's stock, resulting in a staggering 109.1% increase over just two days. This followed a period of significant decline, with the stock plummeting by 43.9% during a five-day losing streak and hitting a record low of $2.65 before a 1-for-40 stock split was implemented on September 5.
Additionally, WeWork revealed last week its intention to renegotiate all lease agreements due to the excessively high lease liabilities that, according to the company, are "dramatically out of step with current market conditions."
Despite its recent surge, WeWork's stock has still experienced a substantial year-to-date decline of 90.3%. In contrast, the S&P 500 has shown an impressive climb of 16.2%.