MULN - Why Is Bed Bath & Beyond (BBBY) Stock Down 75% in 2022?
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Bed Bath & Beyond (NASDAQ:BBBY) stock has had a poor year even as the company’s stock gains today on no real news.
Instead, heavy trading appears to be what has BBBY stock climbing higher today. As of this writing, more than 17 million shares of the stock have changed hands. That’s a major leap over its daily average trading volume of about 13 million shares.
However, today’s positive momentum is a small drop in the bucket of poor performance from the rest of 2022. That includes several major events that explain why shares of the meme stock are down 75.3% since the start of the year.
What’s Hitting BBBY Stock
One of the biggest reasons BBBY stock is taking a beating this year has to do with Ryan Cohen. The activist investor sold his entire stake in the company, which caused its shares to plummet 40% on the news.
Adding to that, Bed Bath & Beyond issued shares in November as a way to pay down its debts. That further diluted the value of its stock and sent BBBY stock to fall further. Just one day after that, filings showed that insiders at retailer were also selling their shares.
BBBY stock’s recent woes continue with a new class-action lawsuit against the company. This lawsuit claims that Ryan Cohen took place in market manipulation with his investment and divestment in the company. This could force Bed Bath & Beyond pay frustrated investors.
BBBY stock is up 4% as of Monday afternoon.
Investors looking for more of the latest stock market news will want to stick around!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Monday! A few examples include what’s going on with shares of Top Ships (NASDAQ:TOPS), Clovis Oncology (NASDAQ:CLVS), and Mullen Automotive (NASDAQ:MULN) stock. You can get up to speed on all of this news at the links below!
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- CEO David Michery Just Received 28 Million Shares of Mullen (MULN) Stock
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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