A view of a Bed Bath and Beyond store in Daly City, California.
Justin Sullivan | Getty Images
Shares of Bed Bath & Beyond jumped more than 60% on Monday as meme traders seemed to be betting on the stock despite any apparent catalyst for the move.
The heavily shorted stock, which has tumbled more than 44% this year, was the most searched name on Reddit’s WallStreetBets discussion board on Monday, according to Quiver Quantitative. Users under a pinned thread titled “GME, BBBY and AMC Memestock Megathread for Monday August 8th, 2022” appeared to be buying up shares of the retail stock.
One user said they “took out a 27k loan, went all in on BBY,” which a group moderator seemed to confirm. Another user (TheDude0007) alleged to have capitalized on the BBBY spike, turning $45,000 into almost $450,000 using common stock and call options.
Bed Bath & Beyond has been a part of the meme stock craze…
