BBBY Stock: 6 Things to Know About Bed Bath and Beyond as Shares Bolt Higher

Shares of Bed Bath and Beyond (NASDAQ:BBBY) stock are skyrocketing higher on Wednesday morning on what appears to be no news from the company.

bed bath & beyond storefront (BBBY)

Source: Shutterstock

So, what is causing this major jump in the share price? Let’s take a closer look to find out:

  • It appears that BBBY stock is benefitting from Reddit’s r/WallStreetBets crowd.
  • This group of individual investors have recently bought millions of shares of specific companies in what is called a short squeeze.
  • These people are buying GameStop (NYSE:GME), AMC Entertainment (NYSE:AMC) and BBBY stock in droves. In turn, this drives up the share price.
  • Meanwhile, “…hedge funds rush to cover their losses from shorting the stocks.”
  • BBBY stock took off prior to market open today, and has built momentum over the past five days.
  • In fact, shares are up more than 70% over that span.

BBBY stock was up 22% as of Wednesday morning.

More on Reddit WallStreetBets

On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

Nick is a web editor at InvestorPlace.

Article printed from InvestorPlace Media,

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