Bed Bath & Beyond Inc BBBY shares are trading lower Tuesday following a downgrade from Baird.
Baird analyst Peter Benedict downgraded Bed Bath & Beyond from Neutral to Underperform and announced a $4 price target after the stock soared nearly 40% on Monday amid increased retail investor interest. The Baird analyst referred to the move as the “latest meme stock frenzy.”
Retail darlings AMC Entertainment Holdings Inc AMC and GameStop Corp GME surged alongside Bed Bath & Beyond on Monday as the retail crowd highlighted high short interest in the names across social media platforms. Bed Bath & Beyond was still among the top trending tickers on Stocktwits at press time.
Jim Cramer on Monday warned that Bed Bath & Beyond may be in need of a credit line and suggested that the retailer should commence a stock offering following the surge in its stock. He reiterated that he believes the retailer should issue stock in Tuesday’s meeting for Investing Club members.
Related Link: Jim Cramer Says Retail Is Looking For ‘The Mother Of All Shorts’: AMC Entertainment Goes APE, Bed Bath & Beyond’s Next Move
BBBY Price Action: Bed Bath & Beyond has a 52-week high of $30.06 and a 52-week low of $4.38.
The stock was down 20.2% at $9.10 at press time, according to Benzinga Pro.
Photo: Mike Mozart from Flickr.
Image and article originally from www.benzinga.com. Read the original article here.