Despite the retailer's financial woes, the stock enjoyed its largest-ever percentage gain on Wednesday.
Troubled home-goods retailer Bed Bath & Beyond may be heading for a ‘meme squeeze,’ says analyst Ihor Dusaniwsky of S3 Partners Research.
Bed Bath & Beyond Inc. BBBY announced the closure of almost 130 stores on Tuesday as it attempts to resolve its financial woes. The company announced the closures, along with third-quarter results that missed analysts’ top- and bottom-line estimates, just days after it said it may need to declare bankruptcy.
“We have not seen a [Bed Bath & Beyond] short squeeze in 2023 prior to today’s over +50% price move, but if the stock continues to rally, we could see some near-term short sellers exit their positions and begin to pocket the profits they earned in 2022,” wrote Dusaniwsky, S3 Partners’ managing director of predictive analytics, in a note released Wednesday.
Also read: As specter of bankruptcy looms over Bed Bath & Beyond, what’s next for the troubled retailer? Now read: Bed Bath & Beyond bankruptcy warning marks latest chapter in troubled retailer’s downward spiral
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