Why Bed Bath & Beyond Stock Soared This Week
Bed Bath & Beyond (NASDAQ: BBBY) owners trounced a falling market this week, with shares rising 30% through Thursday trading compared to a 1.6% decline in the S&P 500, according to data provided by S&P Global Market Intelligence. That spike helped push the specialty retailer up nearly 50% so far in 2022 compared to an 11% drop in the wider market.
It was sparked by news that an activist investor has taken a large stake in the company and is agitating for some strategic shifts.
Billionaire investor Ryan Cohen has purchased roughly 10% of Bed Bath & Beyond's stock, giving him a loud voice to press the management team. His RC Ventures fund is wasting no time pushing for changes, either. The strategic shifts it is pushing include spinning off parts of the business or even taking the entire company private.
Source Fool.com
