Extension of Bed Bath & Beyond's 75% Increase enormous rally, defeats bears
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Despite the stock being downgraded by analysts, shares increased by 349%.
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This month, short sellers have suffered paper losses of $662 million.
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Bed Bath & Beyond Inc.'s 349 percent three-week surge has rekindled a wave of meme stock buying.
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Alarm bells are going off at Wall Street banks due to excessive stock valuations.
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The stock increased 79% on Tuesday, up 29% earlier, and finished at $20.65 following the trading pause, which accelerated the purchasing.
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According to Bloomberg data, the stock was the most actively traded one, with 385 million shares changing hands—more than 20 times the three-month average.
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Despite at least three Wall Street banks downgrading the home goods company and advising shareholders to sell the shares due to a "meme stock craze," the stock has risen.
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Since July 26, the stock has increased by $99 million. Net inflows included a record $46 million on Monday when the stock gained 24% to close at its highest level since late April
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