NEGG - Bed Bath & Beyond halted as meme stock rally rolls on

Bed Bath & Beyond ( NASDAQ: BBBY ) shares soared over 60% higher at an intraday peak, prompting a trading halt before midday for volatility.

The sharp rise in shares adds to an over 350% run for the stock since the start of August as it continues to draw attention from short squeeze-eyeing meme traders. Indeed, the stark rally caught the eye of B. Riley Financial analyst Susan Anderson, who assigned a Sell rating to the stock on Tuesday.

"BBBY has recently gained the attention of retail traders in the Wall Street Bets Reddit forum again, which gained notoriety during the GameStop saga back in January 2021,” she told clients. “We believe that BBBY is currently trading at unrealistic valuations."

However, Bed Bath & Beyond ( BBBY ) was far from the only heavily-shorted meme candidate to carry higher on Tuesday. Indeed beaten down and heavily-shorted names like Party City Holdco ( PRTY ) +23.72% , Blue Apron ( APRN ) +31.25% , Express ( EXPR ) +13.22% , Newegg Commerce ( NEGG ) +6.85% , Global E-Online ( GLBE ), and Torrid Holdings ( CURV ) +11.73% were all notable gainers on the day. Of course, GameStop ( GME ) also rose significantly, marking an 11.12% gain at the midpoint of trading.

Read more from B. Riley’s bearish take on Bed Bath & Beyond .

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