(Bloomberg) — Bed Bath & Beyond Inc. shares climbed as much as 7% in premarket trading on Tuesday as the seller of home goods beloved by retail investors stages a rebound after three days of fierce declines.
Most Read from Bloomberg
As of last close, shares in the firm had fallen 60% since the latest so-called meme-stock rally peaked last Wednesday. The plunge followed the disclosure by the company’s top investor Ryan Cohen that he was selling his stake, while a report that suppliers were restricting or halting shipments after the firm fell behind on payments contributed to the declines.
Cohen went on to offload all his shares in Bed Bath & Beyond, triggering a record 45% intraday tumble for the stock on Aug. 19 as he pocketed $68.1 million in profits. Retail investors have since been scaling back their purchases of shares in the firm, according to data from Vanda Research.
Fellow meme-stock darlings AMC Entertainment Holdings Inc. and GameStop Corp. were also trading higher in premarket trading.
Meanwhile, future contracts for the S&P 500 and the Nasdaq 100 Indexes edged higher, indicating that the benchmark indexes might bounce back after Monday’s steep selloff.
Most Read from Bloomberg Businessweek
©2022 Bloomberg L.P.
Source: https://finance.yahoo.com/news/bed-bath-beyond-set-rebound-095522451.html