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Friday, January 27, 2023

Bed Bath & Beyond Inc (NASDAQ: BBBY) Rising Fast as Retail Buys Up Meme Stocks Across the Board

Bed Bath & Beyond Inc (NASDAQ: BBBY) is rocketing up the charts from as low as $1.27 last week to recent highs near $6 as meme stocks once again take the small caps by storm and retail investors jump into BBBY hoping to squeeze the enormous short position that has increased its position by 25.1 million shares since the stocks run in summer 2022 hoping for the Company’s demise. 

Last Thursday BBBY warned the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern. On Friday BBBY began to run northbound on record volume as interest from retail investors was reignited. BBBY is no stranger to big moves running from $5 to $30 in August of 2022. We will be updating on BBBY when more details emerge so make sure you are subscribed to investmillion.com by entering your email below. We will be updating on BBBY so subscribe to newsytrends.com right now by entering your email in the box provided below.  

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Bed Bath & Beyond Inc (NASDAQ: BBBY) hit 52-week lows last Thursday after the meme stock darling reported it may not be able to continues as a going concern. This comes after many months of declines since $30 highs in August. During that time shorts have been active in BBBY, with 25.1 million of new short sales since March 29, 2022, according to S3 Partners. This number has grown with another 3.8 million BBBY shares shorted over the past 30 days. If BBBY can avoid filing for bankruptcy the shorts will have to begin to cover and mass forcing a massive short squeeze according to Ihor Dusaniwsky, S3 Partners’ managing director of of predictive analytics. 

Bed Bath & Beyond Inc (NASDAQ: BBBY) and subsidiaries is an omnichannel retailer that makes it easy for its customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond. 

The Company sparked bankruptcy concerns when it said in an update last week: “While the Company continues to pursue actions and steps to improve its cash position and mitigate any potential liquidity shortfall, based on recurring losses and negative cash flow from operations for the nine months ended November 26, 2022, as well as current cash and liquidity projections, the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern.  

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BBBY

 

BBBY continues to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code.  

Sue Gove, President & CEO of Bed Bath & Beyond Inc. said, “At the beginning of the third quarter, we initiated a turnaround plan anchored on serving our loyal customers, following a period when our merchandise and strategy had veered away from their preferences. Although we moved quickly and effectively to change the assortment and other merchandising and marketing strategies, inventory was constrained and we did not achieve our goals. We will continue to rebalance our assortment towards National Brands and refine our Owned Brands mix to reflect the deep understanding of our customer, along with the selection and value only we can offer in the Home and Baby markets.  We are actively pursuing higher in-stock levels to meet proven demand. We are implementing our plan expeditiously while managing our financial position in a changing landscape.  We are delivering on our aggressive second half commitment of $250 million in SG&A optimization, or $500 million in annualized savings.  We are also on track to achieve the 150 store closures that we previously outlined, which will further enable us to allocate resources according to customer demand.  Our organization is more streamlined and we have adopted a more focused infrastructure that reflects our current business.”  

Ihor Dusaniwsky, S3 Partners’ managing director of predictive analytics recently stated that Bed Bath & Beyond’s short interest is $82.7 million, or 39.93 million shares shorted, accounting for a 52.07% short-interest float. Bed Bath & Beyond has the second largest short-interest percentage float for stocks with over $10 million of short interest in the U.S, second only to Silvergate Capital Corp. SI, +12.89%, according to S3 Partners’ research. 

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BBBY is running up the charts from lows of $1.27 on Thursday of last week after the Company stated that there is substantial doubt about the Company’s ability to continue as a going concern. Since then, BBBY has been rocketing northbound as meme stocks heat up across the board. Investors are accumulating BBBY hoping to squeeze the enormous short position that has increased its position by 25.1 million shares since the stocks run in summer 2022.  We will be updating on BBBY when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

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Disclosure: we hold no position in BBBY either long or short and we have not been compensated for this article.

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