Bed Bath & Beyond is also one of the most heavily shorted stocks on Wall Street, so as the stock rose, some short sellers repurchased shares to cover their bets. That got more retail investors to buy, driving the price up further. What happened to drive the stock up? Traders on the Reddit message board r/wallstreetbets started to talk about the stock more in early August, and the share price began to rise day after day. James Surowiecki: How crypto disappeared into thin air Just last week the company hired a restructuring specialist, which suggests that bankruptcy may be in its future.

In fact, all the news about the business has been terrible. This wasn’t because investors got good news about the company’s business. By mid-August, it was heading toward $30 a share. But then, as the overall market perked up in July, the interest in meme stocks improbably returned-and for no company was that more true than Bed Bath & Beyond, which is also known on Wall Street by its Nasdaq abbreviation, BBBY.Īt the end of July, BBBY’s stock was trading at roughly $5 a share. (At its peak, GameStop had gone from little more than $1 to $80 a share.) The frenzy faded and, in the big market sell-off in 2022, interest in these companies waned. You probably remember meme-stock mania from early 2021, when hordes of retail investors-many of them communicating with one another via social media and Reddit message boards-bought up the stocks of struggling companies such as GameStop, AMC, and, yes, Bed Bath & Beyond, sending them soaring to unimaginable heights. And that strange divergence happened for just one reason: Meme-stock mania made a sudden and unexpected return.

Bed Bath & Beyond is a struggling home-goods retailer whose underlying business is so bad that stories about the company carry headlines like “ Bed Bath & Beyond’s Big Dilemma: Can It Survive?” But for most of August, Bed Bath & Beyond was also one of the hottest stocks on Wall Street, rising almost 500 percent in a matter of weeks.

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