The shares of Bed Bath Beyond Inc BBBY are trading higher Tuesday. Over the past two weeks, the stock has seen increased volatility as the retailer considers strategic alternatives, including potential bankruptcy.
What To Know: The rally started after Bed Bath turned in third quarter results earlier in the month. The stock went higher despite reporting worse than expected results.
CEO Sue Gove told analysts and investors that Bed Bath has seen significant sales trend improvements on the conference call. She said that the company continues to work with advisers to consider all strategic alternatives.
The plan is implementing quickly while managing our financial position in a changing landscape, and there are multiple paths being explored and the next steps are expected to be determined in a timely manner. Since then, several reports have indicated that Bed Bath is preparing for a restructuring. The retailer hired a consulting firm as an advisor around the same time it reported quarterly results. A legal advisor was hired by the company.
Last week, Bed Bath received a notice from the Nasdaq saying the company is not in compliance with the requirements for continued listing because of a delayed Form 10 - Q regarding its quarterly results. Bed Bath plans to file as soon as possible. Bed Bath is a popular name among the retail crowd. The stock is trending across platforms on Tuesday as traders point to high short interest in the name.
Bed Bath has a total float of 65.6 million shares. According to the data from Benzinga Pro, 58.77% of its float is currently sold short.
Bed Bath Beyond was among the most mentioned stocks on Reddit's r Wall Streetbets over the last 24 hours.
Check this out: A Massive Short Squeeze Is Underway: Bed Bath And A Few Favorites Are In Play
BBBY Price Action: Bed Bath Beyond has a 52 week high of $30.06 and a 52 week low of $1.27.
The stock was up 16.3% at $3.42 at the time of writing, according to Benzinga Pro.