Bed Bath & Beyond plunges on Ryan Cohen stake sale

Vinco Ventures

18/08/2022 11:37

** Shares of Bed Bath & Beyond Inc  BBBY.O  drop 14%
premarket to $19.87 after investor and GameStop Chairman  GME.N 
Ryan Cohen files for a stake sale  urn:newsml:reuters.com:*:nL4N2ZT311
    ** Stock has rallied ~360% since early Aug amid retail
trading resurgence  urn:newsml:reuters.com:*:nL1N2ZT1V2
    ** Unless there is another activist investor coming in,
stock is not likely to see any gains in near term - more likely
a return to $15 or $12 a share, says David Madden, markets
analyst at Equiti Capital
    ** Other meme stocks Blue Apron  APRN.N , FuboTV  FUBO.N 
and Vinco Ventures  BBIG.O  up between 0.6% and 19% 
    ** BBBY is top trending ticker on retail investor website
Stocktwits stocktwits.com, followed by bluebird bio  BLUE.O 
 urn:newsml:reuters.com:*:nL4N2ZT36K
    ** "Expectations that meme stock frenzy would subside as
liquidity is removed from the market haven't materialized - the
urge to ride speculation has gained ground again as Wall St has
rallied in recent weeks" - Susannah Streeter, senior markets
analyst at Hargreaves Lansdown
    ** "Frenzy surrounding BBBY could turn into a nightmare for
speculators who piled into the stock to emulate meme stock
influencers," Streeter adds
    ** A total of $570.2 mln spent on BBBY options as of Thurs
vs $499.1 mln on AMZN and $64 mln on GME, according to equities
insights platform Shift Search https://shiftsearch.com
    ** Meme stocks had a market cap of $7.96 trillion as of
Weds; the figure cap has decreased for three trading days in a
row - Shift Search
    ** RoundHill MEME ETF  MEME.P  down 44% YTD

 (Reporting by Anisha Sircar in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com;))