Bed Bath & Beyond (NASDAQ:BBBY) stock has had a poor year, even as shares gain today on no real news.
Instead, heavy trading appears to be what has BBBY stock climbing higher right now. As of this writing, more than 17 million shares have changed hands. That’s a major leap over its daily average trading volume of about 13 million shares.
However, today’s positive momentum is a small drop in the bucket of otherwise overwhelmingly poor performance from BBBY in 2022. Several major events explain why shares of this meme stock are down 75% since the start of the year.
What’s Hitting BBBY Stock?
One of the biggest reasons why BBBY stock is taking a beating in 2022 has to do with Ryan Cohen. Earlier this year, the activist investor sold his entire stake in the company, causing shares to plummet 40% on the news.
Adding to that, Bed Bath & Beyond issued shares in November as a way to pay down debts. That further diluted the value of BBBY stock, making it fall further. Just one day after that, filings showed that insiders were also selling their shares.
BBBY stock’s recent woes continue with a new class-action lawsuit against the company. This lawsuit claims that Ryan Cohen conducted market manipulation with his investment and divestment in the company. The case could eventually force Bed Bath & Beyond to pay frustrated investors.
BBBY stock is up 4% as of Monday afternoon.
Investors looking for more of the latest stock market news will want to stick around!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Monday! A few examples include what’s going on with shares of Top Ships (NASDAQ:TOPS), Clovis Oncology (NASDAQ:CLVS) and Mullen Automotive (NASDAQ:MULN) stock. You can get up to speed on all of this news at the links below!
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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.
