Shares of Bed Bath & Beyond (NASDAQ: BBBY) were soaring over 10% higher in afternoon trading Thursday on no specific company news, though it may be that investors who heavily shorted the stock are covering their positions.
At last count, over 76 million Bed Bath & Beyond shares were sold short, the highest number since last May, giving it a short interest ratio , or the time it would take for short-sellers to cover their positions, some 14 days. Anything over seven days is considered a lot, suggesting a short squeeze is playing a role in the big gains. It may have been precipitated by some unusual options activity for the stock as well.
Investors may have been spurred to action by the home goods retailer's good fortune so far in 2021. The stock has jumped 40% over the first three weeks of the new year.
For further details see:
Why Bed Bath & Beyond Is Jumping 10.8% Higher Today