Why Bed Bath & Beyond Stock Was Up Again Today
Shares of Bed Bath & Beyond (NASDAQ: BBBY) were climbing again today as the short squeeze on the struggling home furnishings retailer continued. On platforms like Reddit's WallStreetBets, traders were again pumping up the stock, leading to its 13th day of gains in the last 14 sessions.
As of 11:52 a.m. ET, Bed Bath & Beyond stock is up 10.3%, meaning it's gained more than 200% since it closed at $4.60 on July 26.
For yet another day, Bed Bath & Beyond shares were moving higher on high-volume trading, a sign that the short squeeze remained in effect as nearly 70 million shares changed hands before noon today. Bed Bath & Beyond is one of the most heavily shorted stocks on the market, with 103% of the float sold short as of July 29, according to data from Yahoo! Finance, meaning a large number of investors expect the stock to fall.
Source Fool.com
