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  4. Meme stock Bed Bath & Beyond's rally rages on
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Meme stock Bed Bath & Beyond's rally rages on

(Reuters) - Shares of Bed Bath & Beyond Inc (NASDAQ:BBBY) surged 60% to a near five-month high in volatile trading on Tuesday, as retail investors continued to drive up the...
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Meme stock Bed Bath & Beyond's rally rages on © Reuters. FILE PHOTO: Signage is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kelly/File Photo

(Reuters) - Shares of Bed Bath & Beyond Inc (NASDAQ:BBBY) surged 60% to a near five-month high in volatile trading on Tuesday, as retail investors continued to drive up the highly shorted stock's price.

Bed Bath & Beyond, which has 50.7% of its public free float in short position, has triggered a short squeeze signal, according to analytics firm Ortex.

A short squeeze occurs when a surge in price of an asset forces bearish investors to buy back shares at a higher price to limit losses, in turn driving demand and pushing the price even higher.

The home furnishing company's shares were the most traded on brokerage Fidelity's platform, indicating interest from individual investors.

The stock rose as much as 78.8% to $28.60 during the session and trading was halted multiple times for volatility. About 189 million shares changed hands by 11:47 a.m. ET, more than six times the firm's 30-day moving average volume.

The stock is up 440% so far this month in a rally that evocative of eye-watering gains in shares of GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC) early last year that hurt hedge funds that had bet against the stock.

Bed Bath & Beyond opened lower after B. Riley downgraded the stock to "sell", saying the shares are trading at "unrealistic valuations."

Another highly shorted stock, meal-kit delivery firm Blue Apron, jumped nearly 20% to $5.50.

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01-05-2024 10:45:17 (UTC+7)

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Moving Avg:

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1.0658

-0.0008 (-0.07%)

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157.91

+0.12 (+0.07%)

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-0.0003 (-0.05%)

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 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
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 FTSE 1008,144.13Sell
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 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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