Shares of meme-stock favorite Bed Bath & Beyond, which have swung wildly in recent weeks, initially jumped before moving lower on Tuesday.
Shares of Bed Bath & Beyond at first surged more than 8% higher before turning negative and falling roughly 5% to just under $13 per share by the afternoon, as investors nervously await the company’s strategic update before the market opens on Wednesday.
The decline on Tuesday follows a 25% jump a day earlier: Retail investors from the likes of Reddit’s WallStreetBets have continued to buy up shares en masse, in large part responsible for the stock’s more than 115% gain in August. Bed Bath & Beyond interim CEO Sue Gove said that the call on Wednesday will include details about different “strategies and changes being implemented” to the business, while investors will also be looking for clues on whether the company has secured new financing.
Last week, shares of Bed Bath & Beyond surged on news that the retailer was finalizing a roughly $400 million“The magnitude of the potential financing and its terms are the most important components of this update,” according to Morgan Stanley analysts, who maintain a “sell” rating and price target of $2 per share for the stock.
Securing financing will be “no easy task given current revenue declines,” but it is a “crucial first step,” the analysts say, as the company could then split up the loan “between paying for inventory, reducing expenses, and investing in the business.”Bed Bath & Beyond is facing “critical months ahead” and the holiday season “has never been more important,” Morgan Stanley analysts wrote on Tuesday.
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