The stock of Bed Bath & Beyond skyrocketed by 60% yesterday to bring the company near a 5 month high. The company has been a hugely shorted stock, which means investors are betting on the stock to go down. Basically, the company’s stock has been rising, and so a short squeeze occurred. Investors that had already shorted the stock were buying the stock back at higher prices to limit losses, which was driving the price up and caused this sudden spike. The stock rose up to 78.8% to $28.60 yesterday. The company’s stock was traded more than six times the usual amount yesterday. The stock is up 440% this month.
Source: https://www.cnn.com/2022/08/16/investing/bed-bath-and-beyond-stock/index.html
