One Wednesday morning, shares of Bed Bath and Beyond plummeted as much 24% following a 9.3% loss on Tuesday. As part of its restructuring effort, Bed Bath and Beyond announced it is cutting its workforce by 20% across corporate and supply chain operations, and closing 150 of its stores.
Amid this tumultuous period for the retailer, many people took to social media to wonder if holding the company’s stock is a move that makes sense.
One user on the popular Wall Street Bets Reddit page wondered if the recent big losses for Bed Bath and Beyond will get even more unpleasant.
During Wednesday’s carnage for the stock, one user on the same BBBY Reddit forum joked about taking financial advice that maybe they regret.
Several other users on social media said they are still strong holders of Bed Bath & Beyond stock.
“The outlook for BBBY is worsening, with the potential for a significant restructuring,” Wedbush analyst Seth Basham wrote in a note in late on Aug. 22.
Despite this decent downtrend for Bed Bath & Beyond, shares of the company are still on track for its second best monthly performance in the company’s 30-year history.
The S&P 500 Index
is down 0.02% as of Wednesday morning, and has declined 16.38% in 2022.