Shares of Krispy Kreme (NASDAQ:DNUT) rose 8.7% as Q3 results showed progress in its turnaround plan. Adjusted profit of one cent per share beat expectations, with sales slightly missing forecasts. Strategic moves like closing underperforming locations led to a 17% increase in adjusted EBITDA and positive free cash flow. Shares closed at $4.17, up 6.8%.

Krispy Kreme’s volatile shares have had 43 moves greater than 5% in the past year. Today’s jump indicates meaningful news but won’t fundamentally change business perception. Previous surge was driven by retail traders targeting the stock due to positive analyst commentary, high short interest, and international expansion efforts.

Krispy Kreme is down 57.2% since the start of the year, trading 64.9% below its 52-week high of $11.86. Investors who bought $1,000 worth at the IPO in June 2021 would now have an investment worth $198.10. The stock has been impacted by market trends and recent news events.

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Read more at Yahoo Finance: Why Is Krispy Kreme (DNUT) Stock Soaring Today