American Eagle (NYSE:AEO) saw its shares soar 14.6% in premarket trading on Thursday, building on gains from Wednesday after the clothing brand unveiled a new campaign starring actress Sydney Sweeney.
The stock initially climbed 6.2% during Wednesday’s regular session when the campaign news broke.
The upward momentum accelerated in after-hours trading and carried into Thursday morning, with shares spiking as much as 25% in premarket action before easing off slightly.
American Eagle has also drawn notable attention on Reddit’s WallStreetBets, a forum known for fueling meme-stock surges.
Data from S3 Partners reveals that about 13% of American Eagle’s available shares are currently sold short.
The sharp price movement follows the announcement of Sweeney as the face of the retailer’s latest campaign, although details about the collaboration have yet to be disclosed.
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