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Bed Bath & Beyond’s Stock Jumps 263% In Short Squeeze

Shares of retailer Bed Bath & Beyond (BBBY), which has warned it could file for bankruptcy, have risen 263% in the past few weeks as retail traders execute a short squeeze on the stock.

In a rally that is reminiscent of the meme-stock craze from a few years ago, shares in the home décor retailer rose 179% in recent days. Since the company warned on January 5 that it may file for bankruptcy, the company’s share price has gained more than 250%.

However, as with other meme stock rallies, Bed Bath & Beyond’s stock quickly reversed course, falling 30% last Friday (January 13). The stock remains 90% below a peak reached in January 2021.

Other meme stocks have been rallying in recent days as retail traders also target them for aggressive buying, including video game retailer GameStop (GME) and movie theatre chain AMC Entertainment (AMC), which each rose more than 20% last week.

The rally in Bed Bath & Beyond’s stock is squeezing short sellers on Wall Street who recently took positions betting the company’s bankruptcy would render the shares worthless.

With the share price now rising, traders who took short positions in Bed Bath & Beyond’s stock are now forced to buyback the stock to limit further losses, pushing the share price higher.

Bed Bath & Beyond’s short interest is currently $213.3 million U.S., or nearly 41 million shares shorted, up from 36 million shares shorted a month ago, according to data from S3 Partners.

Short sellers have incurred about $112 million U.S. in paper losses so far this year. Bed Bath & Beyond’s stock is currently trading at $3.66 U.S. per share.