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BED BATH & BEYOND INC.

(BBBY)
  Report
Delayed Nasdaq  -  04:00 2022-09-30 pm EDT
6.090 USD   -1.62%
09/30Bed Bath & Beyond Expects Breakeven Cash Flow by Q4 Despite 'Worse Than Expected' Q2 Results, Wedbush Says
MT
09/30U.S. consumers spurn cars, couches and cruises, results show
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09/30Odeon Capital Upgrades Bed Bath & Beyond to Hold From Sell, Maintains $7.50 Price Target
MT
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Bed Bath & Beyond leads meme stock rally as retail punters pile in

08/17/2022 | 10:57am EDT
A person exits a Bed Bath & Beyond store in Manhattan, New York City

(Reuters) - Shares of Bed Bath & Beyond Inc jumped 26% on Wednesday, leading a surge in meme stocks again as individual investors continued to dabble in highly shorted shares.

Bed Bath & Beyond has gained in 14 out of the past 15 sessions, helping the home goods company's market value more than quadruple to over $2 billion. The stock was last trading at $25.93 after rising up to $30 earlier in the session.

"It truly is a quality company (but) shares are probably overvalued in the low teens and it is ridiculously overvalued at high $20s," said Jake Dollarhide, chief executive officer at Longbow Asset Management in Tulsa, Oklahoma.

Retail investors net bought $73.2 million worth of the company's shares on Tuesday, the highest single-day purchase in at least five years, according to Vanda Research's retail trade flows data, as a filing showing activist investor Ryan Cohen's long-term call option purchases enthused retail punters.

Bed Bath & Beyond was the most actively traded single stock option on Wednesday, far ahead of popular options trades including Apple Inc and Tesla Inc, data from Options Clearing Corp showed.

The resurgence in retail trading comes after a rebound in U.S. stocks that helped the S&P 500 recoup more than half of the benchmark's losses since its June low.

Among others, e-commerce firm Vinco Ventures advanced 36% and meal-kit delivery firm Blue Apron rose 11.5%.

About 51% of Bed Bath & Beyond's free float shares are shorted, while Vinco Ventures and Blue Apron have 17% and 37% of their public shares under short position respectively, according to Ortex.

"You are only seeing meme stocks come back because the stock market has rebounded. A rising stock market lifts all boats," Dollarhide said.

(Reporting by Medha Singh in Bengaluru; Editing by Maju Samuel)

By Medha Singh


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BED BATH & BEYOND INC. -1.62% 6.09 Delayed Quote.-58.23%
VINCO VENTURES, INC. 1.98% 0.9312 Delayed Quote.-56.59%
All news about BED BATH & BEYOND INC.
09/30Bed Bath & Beyond Expects Breakeven Cash Flow by Q4 Despite 'Worse Than Expected' Q2 Re..
MT
09/30U.S. consumers spurn cars, couches and cruises, results show
RE
09/30Odeon Capital Upgrades Bed Bath & Beyond to Hold From Sell, Maintains $7.50 Price Targe..
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09/29Bed Bath & Beyond Misses Fiscal Second-Quarter Views, Affirms Full-Year Outlook
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More news
Analyst Recommendations on BED BATH & BEYOND INC.
More recommendations
Financials (USD)
Sales 2023 6 019 M - -
Net income 2023 -954 M - -
Net Debt 2023 1 448 M - -
P/E ratio 2023 -0,52x
Yield 2023 -
Capitalization 488 M 488 M -
EV / Sales 2023 0,32x
EV / Sales 2024 0,45x
Nbr of Employees 32 000
Free-Float 22,6%
Chart BED BATH & BEYOND INC.
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Bed Bath & Beyond Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends BED BATH & BEYOND INC.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 17
Last Close Price 6,09 $
Average target price 4,08 $
Spread / Average Target -33,0%
EPS Revisions
Managers and Directors
Sue E. Gove Chief Executive Officer & Director
Laura Crossen SVP-Finance, Chief Financial & Accounting Officer
Harriet Edelman Independent Chairman
Andrea M. Weiss Independent Director
Ann L. Yerger Independent Director
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