Shares of Bed Bath & Beyond (BBBY) jumped 92% on Monday to close at $5.86 as the near-bankrupt retailer’s recent rally continues to gather momentum. The stock rose 120% during the trading session.
Shares of the embattled retailer are heavily short, with a short stake in BBBY at around 53% of free float, according to data from S3 Partners.
Bed Bath & Beyond tried to save money as it was on the verge of bankruptcy after racking up more than $1 billion in debt and losses by the end of 2022.
The company warned in a recent regulatory filing that it had been hit by a recall from JPMorgan and did not have sufficient funds to repay its loans.
Meme stocks have generally rallied over the past month as some of the trades reminiscent of the “meme craze” of 2021 have regained popularity so far this year.
GameStop (GME) is up 29% YTD and shares of AMC (AMC) are up 68% YTD 2023. AMC was briefly halted on Monday due to volatility so that the stock soared as much as 19%. Shares closed up 11% on Monday.
Shares of Bed Bath & Beyond hit a 52-week low of $1.27 on Jan. 6, and shares have more than quadrupled since then.
Investors have taken a risk-focused approach over the past month, with AI-related stocks seen alongside struggling tech names as the biggest winners alongside meme names of yesteryear.
Artificial intelligence maker C3.ai (AI) rose 6% on Monday, while smaller, lesser-known names like BigBear.ai (BBAI) rose 18% and voice AI company SoundHound (SOUN ) gained 42%.
Ines is Senior Business Reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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