![]() Shares in the company soared over 500% at one point, creating huge profits for some amateur investors who sold up and devastating losses for professional hedge funds who had shorted the stock and were left exposed. They thought the market was undervaluing the "bricks-and-mortar" computer game store, and rallied around it, forcing the price of the stock upwards with their purchases. The wild ride began in January 2021 when t he struggling video game retailer saw an unprecedented rise in its share price.Īmateur, or retail investors, communicating through social media, particularly on Reddit's WallStreetBets community, created a surge in interest in the company. The clash of amateurs and traditional Wall Street investors was a key feature of the GameStop drama last year - with many Reddit investors citing the fallout from the 2008 financial crash as motivation for challenging the status quo. Apewisdom is a stock sentiment tracker that tracks the most popular stock and crypto boards on Reddit and 4Chan. Their BBBY share price targets range from 1.50 to 2.00. Bed Bath & Beyond (NASDAQ:BBBY), for instance, soared in early 2021 and then had another brief burst in mid-2022. On Thursday, shares in Bed Bath & Beyond tumbled more than 20% after famed meme-stock investor Ryan Cohen revealed that he intended to sell his entire stake of almost 12 per cent in the company.įrenzy conjures memories of GameStop drama that cost Wall Street billions 5 brokerages have issued 1-year price targets for Bed Bath & Beyonds stock. Bed Bath & Beyond is a struggling home-goods retailer whose underlying business is so bad that stories about the company carry headlines like Bed Bath & Beyond. By Tuesday this week the stock had soared to more than $27 (£22.81) a share amid huge online attention.Īs the stock surged, he sold more than $130m (£109.8m) worth of stock, earning a profit of around $110m (£92.8m). Mr Freeman bought his stake at under $5.50 (£4.65) a share. © 2023 NYP Holdings, Inc.Shares in the company had recently plummeted amid poor performance and the ousting of its chief executive. ![]() Selling all my bags,” another Redditor named Rock_Bottom00v said. Bro, I feel so much better about 420 6.67. ![]() The media likes to paint WSB as a bunch of money losing idiots, but that's only because we're the only community brave enough to actually post our losses. The stocks latest 'meme move' occurred after it dropped nearly 40 in October 2021 due to weak Q2 earnings. Bed Bath & Beyond shares plummet after company warns of potential bankruptcy. ![]() He will screw everyone else so he gets wealthier. BBBY has cropped up as one of the most-discussed stock tickers on Reddit forums. “After reading what Ryan Cohen just did I hope you all understand that he us not one of us,” Reddit user Ronpm111 wrote on the “WallStreetBets” forum. Some Redditors aimed their ire at Cohen for making a hasty exit. Meanwhile, individual investors and others who poured money into Bed Bath & Beyond were left holding the bag as the company’s shares plunged a whopping 41% on Friday. Freeman acquired his shares in Bed Bath & Beyond when the price of the stock was below 5.50 a share with 25 million he raised from friends and. Cohen earned a $68.1 million profit on the stock, generating a 56% gain on his original investment while selling after just seven months, Bloomberg reported. As some Reddit users quickly scooped up the hot. ‘Meme stock’ icon Ryan Cohen infuriated some Redditors after bagging an eight-figure payday while dumping his entire activist stake in struggling retailer Bed Bath & Beyond.Ĭohen, the billionaire founder and GameStop chairman, disclosed that his firm RC Ventures had exited its position.
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