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Bed Bath & Beyond Stock Gained On M&A Speculation And Meme Stock Frenzy: Report

Published 10/01/2023, 11:23
Updated 10/01/2023, 12:40
© Reuters Bed Bath & Beyond Stock Gained On M&A Speculation And Meme Stock Frenzy: Report
BBBYQ
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Benzinga -

  • Bed Bath & Beyond Inc. (NASDAQ: BBBY) rose sharply in high-volume trading on Monday on speculation of a potential acquisition.
  • The retail investors thought the retailer might be a potential acquisition target, Reuters reported.
  • The report added that online retail stock platforms, including Reddit, have been speculating about a possible M&A deal, leading to a buying frenzy like the 2020 meme stock phenomenon.
  • BBBY stock lost nearly half its value last week after the company warned of operational difficulty.
  • The retailer had said it is exploring strategic options, including bankruptcy.
  • The company anticipated a Q3 net loss of approximately $(385.8) million versus a net loss of $(276.4) million in the year-ago period.
  • BBBY will report its results early on Tuesday.
  • Price Action: BBBY shares are trading higher by 5.56% at $1.71 in premarket on the last check Tuesday.
  • Photo Via Wikimedia Commons
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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