The newest meme stock on Wall Street, Bed Bath & Beyond, is tumbling even further in after-hours trading Thursday after a high-profile activist investor confirmed that's he's bailed out of the stock.
FILE - A Bed Bath & Beyond sign is shown in Mountain View, Calif., May 9, 2012. Shares in Bed Bath & Beyond jumped 22% to more than $25 per share Wednesday, Aug. 17, 2022, on huge trading volumes, and the mall-based home goods retailers stock has nearly quintupled in a little more than two weeks. If the price holds until the market closes, it will be the fourth straight day it has gained more than 20%.
Bed Bath & Beyond's stock dropped nearly 35% in after-hours trading, after it had already sank nearly 20% during the regular session to close at $18.55. The steep drop follows a monstrous run from $5.77 at the start of the month to $23.08 on Tuesday, which Wall Street analysts saw as irrational.Cohen sold all of the nearly 7.8 million shares he held in Bed Bath & Beyond on Tuesday and Wednesday, at prices between $18.68 and $29.22. He also sold options tied to the stock.
“How many times are ‘meme traders’ going to keep mindlessly gambling on false prophets instead of actually learning how to invest and trade?” one commenter wrote.
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