Why Bed Bath & Beyond Stock Plunged Today
Shares of Bed Bath & Beyond (NASDAQ: BBBY) sank on Tuesday, reversing some of their recent gains. By the close of trading, the retailer's stock price was down more than 14%.
Before today, Bed Bath & Beyond's shares had soared 124% over the prior month. It appears to have gotten caught up in the latest meme stock craze. Other companies popular among individual traders, such as GameStop and AMC Entertainment, have also seen their shares surge in recent weeks amid the buying frenzy.
Yet Baird analyst Justin Kleber believes Bed Bath & Beyond has rallied too far, too fast. On Tuesday, Kleber cut his rating on its stock from neutral to underperform. He sees its share price falling roughly 60% to $4.
Source Fool.com
