Revlon Inc (NYSE: REV) shares continue to surge Wednesday on abnormally-high volume amid increased retail investor interest following the company's Chapter 11 bankruptcy filling announcement last week.
Revlon said it filed for bankruptcy to strategically reorganize its legacy capital structure and improve its long-term outlook. Retail traders have since flocked into the name hoping for a buyout. Reports from last week suggested Indian conglomerate Reliance Industries was considering a buyout of the company.
Traders across social media platforms are also highlighting the high short interest in the name. 36.87% of Revlon's total float is currently being sold short, according to data from Benzinga Pro.
Revlon's average session volume over a 100-day period is about 8.8 million. Wednesday's trading volume has already exceeded 154 million at press time.
Revlon has developed a reputation as a color authority and beauty trendsetter in the world of color cosmetics and hair care. The company is principally engaged in the cosmetics industry.
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REV Price Action: When Revlon announced it was filing for Chapter 11 bankruptcy last week, the stock was trading below $2 per share.
Revlon shares were up 44.9% at $8.78 on Wednesday afternoon.
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