![]() The Reddit group Wall Street Bets was credited with sending the price of companies like video game retailer GameStop and cinema chain AMC soaring. The phenomenon emerged during the pandemic when retail investors, generally young professionals who had cash to burn, looked to the stock market to make a quick buck. On messaging boards like Reddit, users can share research about a particular company and why they believe it is a sound investment. 'Bullish Maximus!' said one user mentioning the retailor alongside a rocket emoji.Ī meme stock refers to shares in a company that have gone viral. The number of messages mentioning the flailing company was 'extremely high' and overall sentiment ranked 'extremely bullish' over the last 24 hours on StockTwits, a social media platform for retail investors. ![]() The increase comes despite reports this week that it will file for bankruptcy within the coming days after a post-pandemic retail apocalypse swept the nation. Its price hit 55 cents Wednesday and has surged by double digits over the last three days after closing at 24 cents last Friday. To put that in context, its average daily volume over the last 65 days is 99million. ![]() On Tuesday, 300million shares were traded and on Wednesday the volume hit a staggering 939million. The velocity of shares traded in Bed Bath & Beyond has rocketed since Monday when more than 336million were bought and sold. Bed Bath & Beyond shares surged by more than a third on Wednesday after meme traders rallied behind the struggling big box store as it prepares for bankruptcy.
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