Bed Bath & Beyond up in Pre-Market
Bed Bath & Beyond (NASDAQ:BBBY) shares were flat soon after Friday's open.
The housewares retailer is struggling to keep its stores stocked, according to a report in the Wall Street Journal. The paper cites analytics company DataWeave numbers showing more than 40% of the retailer's products were out of stock in October.
The home goods retailer saw its share price explode during the summer as a mix of speculation, higher short interest, and overwhelming euphoria ignited a retail-market-fueled rally to highs of $30. Once the dust settled and clarity was brought to light regarding the source of speculation, BBBY stock imploded, and here it is, trading just shy of its recent 52-week lows.
November has been a month where Bed Bath & Beyond has worked to streamline its books. It shed over $120 million in debt via a share swap. The company also announced new management appointments, including a new CTO and CMO. While the company works to rebuild heading into 2023, investors have taken out bearish bets against it. As of this article, TD Ameritrade's short float percentage on BBBY stock is around 36%.
BBBY shares dipped three cents Friday to $3.30.
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