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Bed Bath & Beyond stock soars as meme stock investors flock to struggling retailer

Yahoo Finance Live checks out Bed Bath & Beyond's stock as retail investors display a renewed interest in the meme stock.

Video Transcript

SEANA SMITH: Just about 30 minutes to go until the closing bell. Three stocks that we are closely watching in the final half hour of trading. Bed, Bath & Beyond, Peloton, and Tesla. We have Pras Subramanian joining us here for our triple play. So let's start with mine, and that is Bed, Bath & Beyond. Once again, shares are soaring today, up just about 25%.

It's one of the most mentioned tickers on StockTwits today, top mention on Wall Street Bets over the past week. Up for the third day in a row, the momentum from last week carrying over. The company posting a weekly gain of nearly 60% last week. If we hold on to today's gains, it will close higher, which it looks like we're going to, for the 13th time in the last 14 trading days.

We are seeing investors buy up this name, despite the fact that the retailer is still struggling to turn things around, reported a net loss of $358 million in its latest quarter. Not all meme stocks are seeing the buying action today. AMC and GameStop, two stocks that we like to mention and when we talk about Bed, Bath & Beyond in the red today.

Dave, there was a "Wall Street Journal" article last week talking about some layoffs that Bed, Bath & Beyond might be doing to its store employees in order to help it potentially turn around its business. But certainly, the invest-- the retail investor interest in the stock just blows my mind day in and day out.

DAVE BRIGGS: Yeah, you look at the whole economy right now, it almost blows your mind. So this is no exception. I mean, Bitcoin's up and Ether's up and the NASDAQ, the Dow, and the S&P all had a great week last week, despite all the bad numbers we're seeing. So I think retail investors are just back off the sidelines because they're seeing the markets, they're seeing Bitcoin, they're seeing Ether. Now this is just a theory.

I highly recommend you check out Brian Sozzi's photo collage on Yahoo Finance about he went to a Bed, Bath & Beyond store, and all he saw were highly discounted products, which is not typically a great indication for this company, whom Loop Capital recently said will go to a $1 stock at some point. I can't imagine touching that with your money, Pras.

PRAS SUBRAMANIAN: Well, you know, my mom always has the Bed, Bath & Beyond coupons whenever I need them to go every time. You know, I'm not a-- I kind of like Bed, Bath & Beyond. But I guess it's a problem of inventory and just excess buildup. Is that what basically what's happening? But doesn't matter for retail investors.

SEANA SMITH: Yeah, and also, we've had some executive changes there. We certainly have seen a number of turnaround plans. Nothing really seems to be working, at least as of late. So I don't know. The interest in the stock when you compare that to the fundamentals of the company, the numbers that we've seen over the last several quarters, things just aren't adding up.

DAVE BRIGGS: No sense whatsoever. Yeah, searching for a new CEO.