Bed Bath & Beyond has had a wild run as a meme stock. Just in the past month, the stock price has swung from $5.77 on Aug. 1 to an intraday high of $28 on Aug. 16 before tumbling to $9.53 by the end of the day on Aug. 31.
Some might blame a slowing in business for the latest slide in the shares. On Aug. 31, the retail giant announced 150 store closings, a round of layoffs, and $500 million in new loans to “strengthen our liquidity and secure our path for the future.”
But the real turnaround plan, which only depressed the shares further, is to issue new stock. Bed Bath & Beyond has become a mega-popular meme stock in recent months and it wants to capitalize on the frenzy.