BuzzFeed Up Some 20% Intraday and 50% This Week as Ramaswamy Boosts Stake
$Buzzfeed (BZFD.US)$ rose nearly 20% Wednesday and some 50% over the past three session as the struggling news site continued to rise on word that former Republican presidential hopefulVivek Ramaswamy boosted his stake in the firm.
BZFD gained as much as 19% to a $3.25 session high, rallying for the third straight day in heavy volume.
The stock has gained about 50% since last Friday's close at $2.13, rising on word that Ramaswamy increased his stake to 8.9% of the company.
BuzzFeed had rallied more than 80% intraday on May 22 when Ramaswamy first revealed that he had taken a 7.7% stake in the firm.
BZFD was once seen as a darling of Millennial-friendly media companies thanks to its focus on light fare such as cat pictures and slideshows.
The company went public during the 2021 meme-stock craze and rose to as high as $59.08 after taking into account a recent four-to-one reverse stock split that it underwent to avoid delisting.
However, shares have fallen some 95% since their December 2021 peak even including Wednesday's rally.
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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