Meme Stocks: Bed Bath and Beyond (BBBY) Stocks Soars During Tuesday Trading Session
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Summary:
- BBBY stock price gained 60% on Tuesday.
- BBBY Stock hitting close to 5 month highs.
Meme Stock Bed Bath and Beyond (BBBY) stock price Soars
In choppy trading on Tuesday, shares of Bed Bath & Beyond Inc. soared 60% to a close to five-month high as retail investors flocked to the company following the disclosure of activist investor Ryan Cohen's most recent wager on the home goods retailer in a filing.
During the day, the stock increased as high as 78.8% to $28.60, and trading was often suspended due to volatility.
The second largest shareholder in the company and new addition to the board of directors, Cohen's investment vehicle RC Ventures, purchased call options with an expiration date of January 2023 on 1.67 million shares with a strike price ranging from $60 to $80.
According to analytics company Ortex, trading in Bed Bath & Beyond, which has 50.7% of its public free float in short positions, has resulted in a short squeeze signal. The stock has increased 440% so far this month, resembling the astronomical jumps in GameStop and AMC Entertainment stock prices at the beginning of last year that devastated hedge funds who had bet against the firm.
BBBY Price Chart
Sources: finance.yahoo.com
