Meme Stock Parade is Here. GameStop and More

As shares of Bed Bath & Beyond continued to rise on Tuesday, they were joined by some other meme stocks that also increased their activity.

Bed Bath & Beyond shares closed the day at $20.65, up 29%. According to FactSet, 388.9 million Bed Bath shares changed hands, compared to a 65-day average of 23.3 million. The stock has risen 316% in the last month.

The original meme stock GameStop rose 6.4% to $42.19. Koss gained 8.2% to close at $10.15. AMC Entertainment increased by 2.6% to $24.81, while BlackBerry increased by 2.2% to $7.02. The shares of Express increased by 12% to $2.57.

As shares of Bed Bath & Beyond continued to rise on Tuesday, they were joined by some meme stocks too.

Bed Bath & Beyond shares closed the day at $20.65, up 29%. According to FactSet, 388.9 million Bed Bath shares changed hands, compared to a 65-day average of 23.3 million. The stock has risen 316% in the last month.

The original meme stock GameStop rose 6.4% to $42.19. Koss gained 8.2% to close at $10.15. AMC Entertainment increased by 2.6% to $24.81, while BlackBerry increased by 2.2% to $7.02. The shares of Express increased by 12% to $2.57.

Another link between Bed Bath and GameStop is Ryan Cohen, the gaming retailer's chairman, whose first arrangement to join the firm's board helped kickstart GameStop's initial parabolic run. Cohen is also a Bed Bath & Beyond activist investor. Following a March agreement with Cohen, the home-goods company appointed three directors to its board.

Though GameStop and AMC led their respective news cycles during previous meme stock runs, Bed Bath has been in the spotlight this week. Short sellers believe the corporation will soon suffer a liquidity crisis. Last week, we named it one of seven firms to watch because of its need to restructure debt or borrow more. The corporation stated that it has $1 billion in its revolving credit arrangement.

"We have already taken actions on many fronts — including a reduction of at least $100 million of [capital expenditure] against the company's original plan," a representative said.

That hasn't won over Wall Street. On Tuesday, B. Riley analyst Susan Anderson cut her rating to Sell from Neutral, maintaining a $5 price target.

"We believe that current valuation is unwarranted and remain on the sidelines as Bed Bath is facing fundamental issues with its business including declining liquidity and concern around the upcoming August 2024 $300 million note with approximately $285 million left to repay," Anderson wrote.

However, on Reddit's famed WallStreetBets forum, the hub of January 2021's events, jokes, and jubilant remarks about Bed Bath & Beyond dominated the top posts. A dedicated Bed Bath discussion thread received almost 30,000 responses, many of which included swearing and inside jokes.

"There is nothing more humbling than making $5000 in 16 minutes than having to work for $150 for 8 hours," one person remarked.

"A kidney was sold. "I'm in," another joked after being urged to double down by selling his other kidney.

"Should I sell all of my TSLA for BBBY?" "Give me 15 likes, and I'll do it," another user said.

Of course, before you sell your kidney to purchase meme stocks, you should always consult with a financial counselor.

And keep in mind that what goes up in the meme stock market usually falls down, just not as much as short sellers wanted.