Why Bed Bath & Beyond Stock Skyocketed 89% in August
It was a wild ride for Bed Bath & Beyond (NASDAQ: BBBY) last month. Shares of the struggling home goods retailer soared through the first half of the month thanks to a short squeeze fueled by traders on Reddit's WallStreetBets and other platforms. However, that rally fell apart in the second half of August when activist investor Ryan Cohen suddenly sold his stake in the company. A strategic update at the end of the month also underwhelmed investors, sending the stock down further.
Nonetheless, the surge in early August was enough to give the meme stock a gain of 89% for the month, according to data from S&P Global Market Intelligence.
The chart below shows how volatile the stock was over the course of the month.
Source Fool.com
