Shares of Bed Bath & Beyond are up more than 30% premarket after ending Tuesday’s session up 22.5%.
Bed Bath & Beyond Inc.’s stock jumped 31% in premarket trading Wednesday, as shares of the troubled home goods retailer continued their meme-like bounce.
The... Bed Bath & Beyond Inc.’s stock jumped 31% in premarket trading Wednesday, as shares of the troubled home goods retailer continued their meme-like bounce. The rally came after Bed Bath & Beyond’s stock BBBY closed at a record low of 24 cents on Friday, which followed a 22.6% plunge in three days after the company disclosed a sale of more than 100 million shares. The retailer, which is attempting to stave off bankruptcy, said it could sell up to $300 million worth of stock.The company’s stock has fallen 86.3% in 2023 through Tuesday, compared with the S&P 500 index’s SPX gain of 8.2%.
Bed Bath & Beyond is also pushing for a reverse stock split. In a recent filing, the company said a special meeting of shareholders will be held May 9 to vote on the reverse stock split proposal. The vote is on whether to effect a reverse stock split “at a ratio in the range of 1-for-10 to 1-for-20, with such ratio to be determined at the discretion of the Board,” according to the filing.
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