Why Bed Bath & Beyond Stock Was Up This Afternoon
Shares of Bed Bath & Beyond (NASDAQ: BBBY) were up 15% as of 12:11 p.m. ET on Wednesday. Despite falling sales and profits, the meme stock is apparently back after the market indexes saw a big rebound over the past month.
The company took a big profit hit last quarter, as higher inflation and shifting purchasing patterns pressured sales. Even with the blows to the company's financial performance, the stock is up 63% year to date, significantly outperforming the S&P 500 index's return of 10.6%.
On Tuesday, analysts at Odeon Capital issued a downgrade on the shares to a sell rating. It's a rational call given the company's struggles that are not just related to the current macroeconomic headwinds but have been going on for the past decade.
Source Fool.com
