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Why Bed Bath & Beyond Stock Is Plunging Today

Published 09/08/2022, 16:58
Updated 09/08/2022, 17:41
© Reuters.  Why Bed Bath & Beyond Stock Is Plunging Today
BBBYQ
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Bed Bath & Beyond Inc (NASDAQ: BBBY) shares are trading lower Tuesday following a downgrade from Baird.

Baird analyst Peter Benedict downgraded Bed Bath & Beyond from Neutral to Underperform and announced a $4 price target after the stock soared nearly 40% on Monday amid increased retail investor interest. The Baird analyst referred to the move as the "latest meme stock frenzy."

Retail darlings AMC Entertainment Holdings Inc (NYSE: AMC) and GameStop Corp (NYSE: NYSE:GME) surged alongside Bed Bath & Beyond on Monday as the retail crowd highlighted high short interest in the names across social media platforms. Bed Bath & Beyond was still among the top trending tickers on Stocktwits at press time.

Jim Cramer on Monday warned that Bed Bath & Beyond may be in need of a credit line and suggested that the retailer should commence a stock offering following the surge in its stock. He reiterated that he believes the retailer should issue stock in Tuesday's meeting for Investing Club members.

Related Link: Jim Cramer Says Retail Is Looking For 'The Mother Of All Shorts': AMC Entertainment Goes APE, Bed Bath & Beyond's Next Move

BBBY Price Action: Bed Bath & Beyond has a 52-week high of $30.06 and a 52-week low of $4.38.

The stock was down 20.2% at $9.10 at press time, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.

Latest Ratings for BBBY

DateFirmActionFromTo
Mar 2022Telsey Advisory GroupMaintainsMarket Perform
Jan 2022Goldman Sachs (NYSE:GS)MaintainsSell
Jan 2022Telsey Advisory GroupMaintainsMarket Perform
View More Analyst Ratings for BBBY

View the Latest Analyst Ratings

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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