Bed Bath & Beyond (NASDAQ:BBBY) stock is soaring higher on Friday despite a lack of news from the retailer.
Instead, it looks like investors in BBBY stock can thank meme stock traders for the recent rally. Shares of BBBY have been on the rise throughout the week on meme stock momentum.
What does that mean for BBBY? While it might seem like a good idea to jump on the hype train, investors will want to be careful. Meme stocks can be incredibly volatile, which includes the recent rise of BBBY stock. Shares can fall at a moment’s notice.
To go along with today’s rally, shares of BBBY stock are experiencing heavy trading. As of this writing, more than 31 million shares of the stock are changing hands. To put that in perspective, the retail company’s daily average trading volume is closer to 9.2 million shares.
With meme stocks seeing strong activity lately, it’s possible investors could see BBBY stock continue to rally into next week. That’s something traders will want to keep an eye on as we see if the stock can maintain its current momentum.
BBBY stock is up 26% as of Friday afternoon but still down more than 40% since the start of the year.
There’s more hot stock market news for traders to dive into below!
We’ve got all of the best news for Friday ready to go in one place! A few examples include what’s going on with shares of Arrival (NASDAQ:ARVL), FuboTV (NYSE:FUBO) and DraftKings (NASDAQ:DKNG) stock today. You can find out more on these matters at the following links!
More Friday Stock Market News
- Arrival (ARVL) Stock Falls After Delaying Electric Vehicle Projects
- Why Is FuboTV (FUBO) Stock Up 18% Today?
- DKNG Stock Takes Off as DraftKings Raises Guidance
On the date of publication, William White did not hold (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.