The Bed bath & beyond stock has been trending over the past week after a 20-year-old US university student made a $110 million (£91 million) profit after a one-month bet on the stock. The student named Jake Freeman together with friends and family members bought 5 million bed bath & beyond shares as the US homeware retailer was retailing.
Prior to Freeman’s investment, Bed Bath & Beyond shares had tumbled greatly after activist investor Ryan Cohen revealed his intentions to sell his entire stake (9.45 million shares making up a 10% stake) in the retailer through his firm RC Ventures. The move has thrown the Bed bath & beyond company into a financial crisis.
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After Freeman bought a stake in the meme stock the stock made a 500% rise after intense chatter about the stock on Reddit message boards. The student then went ahead and sold part of his stake at $130 million.
Freeman’s success has triggered a storm around the meme stock, investors have turned their attention towards the meme stock with a majority expecting the fame to trigger another price surge.
To help stock traders eying to take advantage of the Bed bath & beyond stock hype, Invezz has created a brief article on what it is and the best places to trade it.
To find out more, please continue reading.
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What is Bed bath & beyond stock?
Bed bath & beyond stock is the stock of Bed Bath & Beyond Inc. and it trades on the NASDAQ Stock Exchange under the symbol NASDAQ: BBBY. It is also one of the popular meme stocks (stocks that soar depending on hypes on message boards and social media independently of the success of a business).
Bed Bath & Beyond Inc. is an American chain of domestic merchandise retail stores that specializes in baby products and home items.
Bed Bath & Beyond operates stores in the United States, Mexico, Puerto Rico, and Canada.
Should I buy BBBY stock today?
If you to invest in a major US speciality retail store and in a trending meme stock, then buying the BBBY stock could be a good option.
Nevertheless, the bed bath & beyond company has to do more to stay at the top among its competitors, especially at such a time when inflation is at a 40-years high. Also, being a meme stock, its share prices are very volatile since they can appreciate and depreciate independent of the company’s performance.
Bed bath & beyond stock price prediction
The majority of investors and analysts expect the Bed bath & beyond stock price to surge again following the current hype around it just as it happened with the case of Jake Freeman.
$BBBY social media coverage
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Source: https://invezz.com/news/2022/08/24/bed-bath-beyond-shares-where-to-buy-the-trending-meme-stock/