Bed Bath & Beyond Is Skyrocketing Again. How High Can It Go?
Bed Bath & Beyond (NASDAQ: BBBY) stock was soaring once again today as the short squeeze in the meme stock accelerated, attracting more traders on platforms like Reddit's WallStreetBets. Today was the 14th gain out of the last 15 sessions for the stock.
Shares raced higher this morning, gaining as much as 88.4%, before cooling off modestly. As of 11:44 a.m. ET, the stock was up 57.8%.
Once again, there was no fundamental reason for the spike in the home goods retailer. This was a pure meme-driven short squeeze like the ones we saw in stocks like GameStop and AMC Entertainment last year. One Bed Bath & Beyond (BBBY) thread on WallStreetBets had more than 9,000 comments in the last two hours, touting price targets like $60 and $80 as well as rampant call-option buying in order to accelerate the short squeeze, or gamma squeeze as they're known with options. One trader said they'd put $87,000 into Bed Bath & Beyond, showing how large some of these individual bets are.
Source Fool.com
