Bed Bath & Beyond Stock Has Rallied. But Not Enough to Shake This Bear. [MarketWatch]
Bed Bath & Beyond Inc. (BBBY)
Last bed bath & beyond inc. earnings: 4/15 04:15 pm
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Source: MarketWatch
Loop Capital analyst Anthony Chukumba reiterated a Sell rating on Bed Bath & Beyond (ticker: BBBY ) and maintained his $1 price target. “We believe the recent jump has been largely due to a ‘meme stock-driven' short squeeze as opposed to any significant fundamental catalyst,” Chukumba wrote. “In fact, we think the BBBY-related news flow has been overwhelmingly negative over the past few weeks.” Shares of Bed Bath & Beyond have surged 121% over the course of the last 30 days, gaining 30% this week alone as the meme stock frenzy reignites among retail investors. As with the last bout of meme craziness in 2021, Bed Bath & Beyond has again emerged a favorite among the retail investors who look to drive up the price of heavily shorted stocks. But as Chukumba noted, meme stock trading has little to do with fundamentals. The analyst still sees a challenging macroeconomic climate ahead for the company, as existing home sales declined for the fifth month in a row. The only “Hail Mary” t
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