‘Should I get out now? Is it going to get worse?’ Wall Street Bets users think twice about Bed Bath and Beyond

Bed Bath & Beyond
BBBY,
-22.75%

has been one of the more volatile stocks on Wall Street in recent months after the company became one of the latest companies to join the “meme stock” craze.

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.

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“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.

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Shares of fellow meme stock GameStop Corp.
GME,
-3.52%

  are down 4.19% on Wednesday, while AMC Entertainment Holdings Inc.
AMC,
-4.48%

 is down 5.72%, and Weber Inc.
WEBR,
-12.38%

is down 14.02%.

The S&P 500 Index
SPX,
-0.14%

is down 0.02% as of Wednesday morning, and has declined 16.38% in 2022.

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