Meme stock Bed Bath & Beyond soars after investor Ryan Cohen's latest bets - Reuters

Meme stock Bed Bath & Beyond soars after investor Ryan Cohen's latest bets - Reuters

Meme stock Bed Bath & Beyond soars after investor Ryan Cohen's latest bets - Reuters
Aug 16, 2022 1 min, 3 secs

Aug 16 (Reuters) - Shares of Bed Bath & Beyond Inc (BBBY.O) surged 60% to a near five-month high in volatile trading on Tuesday, as retail investors flocked to the stock after a filing revealed activist investor Ryan Cohen's latest bet on the home goods retailer.

Cohen's investment vehicle RC Ventures, which is the second largest investor in the company and has added three independent directors to its board, bought call options expiring in January 2023 on 1.67 million shares with a strike price ranging from $60 to $80.

So right now social media buzz is flying around Bed Bath and Beyond and it is spilling over other stocks as well," said Dennis Dick, retail trader at Triple D Trading.

The stock is up 440% so far this month in a rally that is evocative of eye-watering gains in shares of GameStop (GME.N) and AMC Entertainment (AMC.N) early last year that hurt hedge funds that had bet against the stock.

Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day.

Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.

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