BBBY - BBBY Stock Continues Its Three-day Climb Leading the Way for Gains in Other Meme Stocks
BBBY Stock ( NASDAQ:BBBY )
Individual investors pushed Bed Bath & Beyond ( NASDAQ:BBBY ) stock higher on Wednesday, extending the firm’s recovery from multi-decade lows struck last week and sparking a rise in other similar companies.
At $3.13, BBBY stock was up about 50% and was the third most frequently traded stock on U.S. exchanges, behind only Tesla ( NASDAQ:TSLA ) Inc and Amazon ( NASDAQ:AMZN ). Up by almost 140% this week alone.
GameStop ( NYSE:GME ) and AMC Entertainment (NYSE:AMC) also saw gains, with GME up 5% and AMC up 15%, among the most popular retail investors.
After posting a larger-than-expected quarterly deficit, Bed Bath & Beyond said on Tuesday that it would be laying off additional staff to save money.
After the ailing U.S. home goods firm declared its intention to investigate alternatives, including bankruptcy, the stock price dropped to its lowest level since the early 1990s last week.
According to research company S3 Partners, Bed Bath & Beyond has $82.7 million in short interest or 52.07% of its free float.
According to S3 Partners, the company is poised for turbulent trading based on momentum rather than fundamentals since there are more individual investors on the long side and big institutional activity on the short side.
According to Ihor Dusaniwsky, managing director of pred...
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