Shares of Bed Bath & Beyond Inc jumped 26% on Wednesday, leading a surge in meme stocks again as individual investors continued to dabble in highly shorted shares.
A person exits a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kelly/File Photojumped 26% on Wednesday, leading a surge in meme stocks again as individual investors continued to dabble in highly shorted shares.
Bed Bath & Beyond has gained in 14 out of the past 15 sessions, helping the home goods company's market value more than quadruple to over $2 billion. The stock was last trading at $25.93 after rising up to $30 earlier in the session. "It truly is a quality company shares are probably overvalued in the low teens and it is ridiculously overvalued at high $20s," said Jake Dollarhide, chief executive officer at Longbow Asset Management in Tulsa, Oklahoma.Retail investors net bought $73.
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