Birks Group (AMEX:BGI) shares jump an astonishing 431% by market close after announcing a turnaround for fiscal year 2016 with a net income of $5.4 million. Some speculators think retail investors were caught up in the excitement and overbought the shares of the leading operator of luxury jewelry stores in Canada and Southeastern United States. The shares of Birks traded 1400% off of its 52 week low on volume of over 9 Million compared to it average daily volume of just over 1000 shares.
We hope to see Birks make a full recovery, however, some traders might get bitten tomorrow at market open. On another note, with only a couple million shares in the float and 17 million outstanding, it’s not that hard to push that stock around.