Why Is Bed Bath Beyond (BBBY) Stock Up 60% Today?
Source: Shutterstock This meme stock rally may have more room to run, considering today’s price action across a range of high-profile meme stocks. At the time of this writing, Bed Bath Beyond (NASDAQ: BBBY ) stock in particular is appreciating 60%. In fact, at today’s highs, BBBY stock actually soared more than 75%. This incredible move comes as retail investors digest an intriguing move from GameStop (NYSE: GME ) chairman Ryan Cohen. Cohen just loaded up on Bed Bath Beyond call options. Via a regulatory filing yesterday, Ryan Cohen’s RC Ventures made a big bet on BBBY stock hitting very high price targets. These targets range from the $60 to $80 level, meaning Cohen could lose the entirety of his bet if shares fail to trade at these levels by the January 2023 expiry. Cohen’s bet isn’t insignificant, with the call options placed at very out-of-the-money levels. Today’s surge has certainly propelled the value of Cohen’s bet higher, too, although it’s unclear whether he intends to hold the options to expiry or not.
Why Is Bed Bath Beyond (BBBY) Stock Up 60% Today?
Source: Shutterstock This meme stock rally may have more room to run, considering today’s price action across a range of high-profile meme stocks. At the time of this writing, Bed Bath Beyond (NASDAQ: BBBY ) stock in particular is appreciating 60%. In fact, at today’s highs, BBBY stock actually soared more than 75%. This incredible move comes as retail investors digest an intriguing move from GameStop (NYSE: GME ) chairman Ryan Cohen. Cohen just loaded up on Bed Bath Beyond call options. Via a regulatory filing yesterday, Ryan Cohen’s RC Ventures made a big bet on BBBY stock hitting very high price targets. These targets range from the $60 to $80 level, meaning Cohen could lose the entirety of his bet if shares fail to trade at these levels by the January 2023 expiry. Cohen’s bet isn’t insignificant, with the call options placed at very out-of-the-money levels. Today’s surge has certainly propelled the value of Cohen’s bet higher, too, although it’s unclear whether he intends to hold the options to expiry or not.