Bed Bath & Beyond Stock Is Soaring Today: What's Going On?

Bed Bath & Beyond Stock Is Soaring Today: What's Going On?

Bed Bath & Beyond Inc BBBY shares are soaring Tuesday on continued momentum, despite a downgrade from B. Riley Securities. 

What To Know: Bed Bath & Beyond shares have surged over the last week amid increased retail investor attention. The stock jumped nearly 40% last Monday on no apparent news before pulling back the following day on a downgrade. 

Baird analyst Peter Benedict downgraded Bed Bath & Beyond from Neutral to Underperform and announced a $4 price target, calling the nearly 40% rally the "latest meme stock frenzy." Following a brief pullback, the stock continued to trend higher for the remainder of the week.

What's Happening: B. Riley Securities analyst Susan Anderson downgraded Bed Bath & Beyond from Neutral to Sell on Tuesday and announced a $5 price target, citing "fundamental issues" with the company's business.

Anderson noted that the stock has reached "unrealistic valuations." The downgrade was released ahead of Tuesday's move.

Related Link: Why This Bed Bath & Beyond Analyst Is Turning Bearish: 'Fundamental Issues'

The stock is still trending across social media platforms. It was the top trending ticker on Stocktwits at press time. It was also the most mentioned stock on Reddit's r/wallstreetbets over the last 24 hours. Traders continue to highlight high short interest in the name.

Bed Bath & Beyond's average session volume over a 100-day period is about 17.6 million. Tuesday's trading volume has already exceeded 217 million at press time, according to Benzinga Pro.

BBBY Price Action: Bed Bath & Beyond has a 52-week high of $30.06 and a 52-week low of $4.38.

The stock was up 60.4% at $25.63 at time of publication.

Photo: Mike Mozart from Flickr.

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