Pull up a Yahoo Finance chart on Bed Bath & Beyond stick for August and you’d think the company has invented a rival to the Apple iPhone.
Shares of the retailer — which is on the brink of potential financial chaos —have exploded 314% so far in August as retail investors rally around the meme stock. Bed Bath & Beyond stock skyrocketed by nearly 70% in intraday trading on Tuesday amid a massive short squeeze.
BBBY stock finished the session up 29% in a volatile session, and the stock was up another 24% in pre-market trading on Wednesday at the time of publication.
The insane gains for Bed Bath & Bath & Beyond appears to have been triggered by a few red meat items for the enthusiastic meme community, led by redditors on the r/wallstreetbets message board.
First, GameStop Chairman Ryan Cohen purchased out of the money call options on 1.6 million shares of Bed bath with strike prices between $60 and $80, according to a new regulatory filing released Monday. In other words, Cohen — who…