Bed Bath & Beyond shares take the move ahead, climbing as much as 58% higher before dropping straight back significantly Monday. There is certainly some news that is company-specific an analyst price target raise, however the move seems at the very least partially tied up to ticker confusion about what is a very chaotic day on Wall Street.
Bed Bath & Beyond arrived to 2021 being an proven fact that is intriguing a retail turnaround investment, the stock having almost doubled into the last half of 2020 since the house products retailer shed some underperforming organizations and streamlined operations.
But none of that ongoing work may have ready investors for what has happened in recent times. The stock has more than doubled in 2021, and for a quick minute within the last few five times had been up more than 75%. The main reason appears to be tied to WallStreetBets, a Reddit discussion community that is also credited with providing a boost to GameStop (NYSE:GME) and a true amount of other stocks.
Bed Bath & past fits the profile of a stock that would attract WallStreetBets’ attention as it includes a significant interest that is short or investors wagering contrary to the stock. Therefore, a move that is sudden may cause a quick squeeze that makes the stock rise.
Analysts at Loop Capital upon did raise their price target for Bed Bath & past shares to $30, from $18, maintaining a hold rating on the shares monday. The stock’s rise on easily surpasses that target monday.
Bed Bath & past shares may also have already been a mistaken beneficiary of the subreddit’s fascination with shares of BlackBerry (NYSE:BB), a stock that normally going higher on Monday. Bed Bath & Beyond’s BBBY ticker might be confused for BlackBerry’s. Bed Bath & Beyond shares take the move ahead.