Bed Bath & Beyond (NASDAQ:BBBY) stock is rising on Friday as interest in meme stocks increases alongside several bits of news today.
First off, traders will note that BBBY stock has already been seeing gains throughout the week as traders take note of the company. That continues a rally for the shares that kicked off last week.
Adding to that, investors over on Reddit have been hyping up the shares in recent days. That includes a post yesterday highlighting the short squeeze potential of BBBY stock. That post attracted more than 750 upvotes from members of the BBBY subreddit.
In addition to this, shares of BBBY stock are seeing incredibly heavy trading on Friday. That has more than 25 million shares of the stock moving as of this writing. To put that in perspective, the retail company’s daily average trading volume is about 14.2 million shares.
And it’s not just BBBY stock that has attracted meme traders. Several others in the space have also been rising lately. That includes longtime favorites such as GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC), both of which are rising again today.
Adding fuel to that meme stock fire are reports that hedge fund Melvin Capital is being investigated by the U.S. Securities and Exchange Commission (SEC). The hedge fund bet against GME and other meme stocks during the frenzy last year. This has the SEC looking into its risk controls and investor disclosures.
BBBY stock is up 13.7% as of Friday afternoon but is still down 16.9% since the start of the year.
Investors seeking out more recent stock market news will want to stick around!
There’s plenty of other stock market coverage traders need to know about for Friday! Among that is what has shares of Fisker (NYSE:FSR), Polestar (NASDAQ:PSNY), and Digital World Acquisition (NASDAQ:DWAC) stock moving today. You can find out all about these matters at the following links!
More Friday Stock Market News
- What Is Going on With Fisker (FSR) Stock Today?
- What Is Going on With Polestar (PSNY) Stock Today?
- DWAC Stock Stumbles Ahead of Merger Extension Vote
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
