Meme favorite Bed Bath & Beyond extends rally

Sixth Street Specialty Lending

30/08/2022 11:41

** Shares of Bed Bath & Beyond Inc  BBBY.O  up 9.7% at
$14.64 premarket as the embattled retailer extends rally ahead
of its closely watched strategic update on Wednesday
    ** Co is the 2nd most active stock on retail investor
focused social media platform Stocktwits.com
    ** BBBY after the bell on Thursday said it will hold a
conference call to provide a business and strategic update on
Aug. 31, shares have risen 31.4% since  urn:newsml:reuters.com:*:nL1N30214D
    ** Co is nearing final terms with investment firm Sixth
Street that would provide a loan of ~$370 mln, a source told
Reuters last week  urn:newsml:reuters.com:*:nL4N3003LC
    ** BBBY had long-term debt totaling $1.38 bln and only
$107.5 mln in cash as of May end
    ** BBBY also made headlines this month with billionaire
investor and 'meme lord' Ryan Cohen selling his entire 9.8%
stake five months after amassing it and pushing for changes 
 urn:newsml:reuters.com:*:nL1N2ZV18K
    ** "The fundamentals of the business remain rocky but its
Reddit army of bulls have upheld its share price," says Victoria
Scholar, head of investment at Interactive Investor
    ** Five of 17 brokerages rate the stock "hold", while 12 
"sell" or lower; their median PT is $3.25 - Refinitiv data
    ** As of last close, BBBY was up 165% in August and on track
to post its best month ever

 (Reporting by Bansari Mayur Kamdar in Bengaluru)
 ((BansariMayur.Kamdar@thomsonreuters.com;))