Bed Bath & Beyond shares soar 45% as WallStreetBets crowd chase the former meme stock
Bed Bath & Beyond Inc. shares soared 45% Monday with no apparent news driving the move, as the WallStreetBets crowd on Reddit again embraced the 'meme' stock. One individual on the Reddit forum, who goes by the name of "TheDude0007," said his inbox has been blowing up with enquiries about his decision-making process after he said he had "10x'd a $45K YOLO" in Bed Bath & Beyond stock and explained he has been monitoring it closely since Ryan Cohen, the founder of Chewy, took a position. Cohen has since forced a number of changes at the troubled retailer, including pushing out its "overcompensated CEO" and gaining three board seats, said the post. Cohen has pushed the sale of Buy Buy Baby, which appears to be happening and "a proposal of a hefty investor dividend from the proceeds has been initiated," said the post. Bed Bath & Beyond shares are down 22% in the year to date, while the S&P 500 has fallen 13%.
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