“You see his name (Cohen) associated, and it gets the buzz going. Blue Apron, a meal kit company, saw shares of its stock rise by more than 60% in the past five days while FuboTV, a streaming company, had its shares increase by 40% in that same period of time. Other meme stocks have also risen this week amid the attention garnered by Bed Bath & Beyond’s rally. It appears the traders on WallStreetBets have now coalesced around Bed Bath & Beyond and are causing the company’s stock to soar. His stake, and ascension to GameStop’s leadership, led hordes of minor investors on the internet forum WallStreetBets (a popular page on Reddit) to drive up GameStop’s stock. SINEMA STOCK BUYBACK TAX WOULD HIT RETIREMENT ACCOUNTS, BUSINESS GROUPS SAYĬohen made waves in 2020 when it was disclosed that he had taken a 10% ownership stake in GameStop, becoming its chairman. The call options are a signal that Cohen is betting that the company’s value will rise over the next few months. The jaw-dropping rally began when it was revealed that activist investor Ryan Cohen, the founder of pet supply retailer Chewy, had taken a 10% stake in Bed Bath & Beyond, a well-known business that has been forced to shutter stores across the country in recent years.Ĭohen bought call options expiring in January 2023 on some 1.67 million shares of Bed Bath & Beyond, with a strike price ranging from $60 to $80. Shares of the struggling retailer were trading at less than $5 last month but have rocketed to $25 as of Wednesday morning, a 136% increase over the past five days and a whopping 408% surge over the past month. Bed Bath & Beyond is the newest “meme stock” to attract the attention of extremely online investors hoping to make quick money.
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