Stocktwits, a social platform for investors and traders, has been seeing plenty of activity related to Bed Bath & Beyond. 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. In a recent filing, the company said a special meeting of shareholders would be held May 9 to vote on the proposal. Earlier this month, the company issued a sales warning that sent the stock to a then- record low.īed Bath & Beyond is also pushing for a reverse stock split. That came after a troubled couple of years marked by strategic missteps, cash burn, challenging underlying business trends and the impact of the COVID-19 pandemic. It has been a tumultuous few months for the retailer, which announced another equity offering earlier this year. The company’s stock has fallen 81.6% in 2023, compared with the S&P 500’s Related: Bed Bath & Beyond stock’s meme-like bounce won’t last, analyst says The retailer, which is attempting to stave off bankruptcy, said it could sell up to $300 million worth of stock. Stock closed at a record low of 24 cents on Friday following a 22.6% plunge in three days after the company disclosed a sale of more than 100 million shares. It's clear this is well orchestrated," Cramer said, before referencing Cohen's call options.įollowing the statement from Bed Bath & Beyond Thursday, Cramer shifted his sentiment.A three-day win streak would be the longest such streak since the four-day stretch that ended Jan. Reactions: Jim Cramer applauded Cohen's option strategy on Tuesday, just a day before the GameStop chair flipped and filed intentions to sell.
#Bed bath and beyond hour update
"Specifically, we have been working expeditiously over the past several weeks with external financial advisors and lenders on strengthening our balance sheet, and the Company will provide more information in an update at the end of this month," Bed Bath & Beyond added. We are continuing to execute on our priorities to enhance liquidity, make strategic changes and improve operations to win back customers, and drive cost efficiencies all to restore our company to its heritage as the best destination for the home, for all stakeholders," the company said in the filing. "We were pleased to have reached a constructive agreement with RC Ventures in March and are committed to maximizing value for all shareholders. It really took off this week as traders circled a recent filing from Cohen showing that he was still holding out-of-the-money call options. Retail favorites GameStop and AMC Entertainment Holdings (NYSE:AMC) soared alongside the home furnishings company as retail traders highlighted the large short interest in the names across social media platforms.ĭespite a flurry of downgrades, with one analyst calling the move the "latest meme stock frenzy," the stock continued to trend higher. After finding its footing, the stock began surging again near the beginning of August on no apparent news. The excitement around the struggling retailer among retail traders really picked up when GameStop chairman Ryan Cohen purchased a stake in Bed Bath & Beyond in March.īy the end of March, the stock began to slide, trading from nearly $30 per share to as low as $4.38 by July. We can trace the increased interest in the name all the way back to the original meme stock, GameStop Corp (NYSE:GME). What Happened: It all started with retail. Here's a look back at how it got here, as well as some recent reactions to the move.
Bed Bath & Beyond Inc (NASDAQ:BBBY) stock is falling back to Earth Thursday after staging an impressive rally in recent weeks.
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