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Benzinga
Benzinga
Business
Madhukumar Warrier

Why This Ryan Cohen-Linked Stock Is Seeing High Interest From Retail Investors Today

Bed Bath & Beyond Inc. (NASDAQ:BBBY) has emerged among the most-discussed stocks on Reddit’s r/WallSteetBets forum as of early Tuesday.

What Happened: BBBY is seeing the second-highest interest on the forum with 572 mentions at press time, data from Quiver Quantitative showed.

Exchange-traded fund SPDR S&P 500 ETF Trust (NYSE:SPY) and video game retailer GameStop Corp. (NYSE:GME) are in the first and third positions, respectively, having attracted 660 and 251 mentions.

BBBY is also trending in the fourth spot on Stocktwits.

See Also: How To Buy Bed Bath & Beyond (BBBY) Stock

Why It Matters: Bed Bath & Beyond shares surged more than 34% in Monday’s regular trading session after GameStop chairman and Chewy Inc. (NYSE:CHWY) co-founder Ryan Cohen said he has acquired a 9.8% stake in the company.

Cohen said in a letter to Bed Bath’s board he believes the retailer should explore strategic alternatives that include separating Buybuy Baby chain and a full sale of the company.

Price Action: Bed Bath shares closed 34.2% higher in Monday’s regular trading session at $21.71, but fell almost 2.2% in the after-hours session to $21.24.

Read Next: Chewy, GameStop, Bed Bath & Beyond: How Have Ryan Cohen's E-Commerce Bets Performed?

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