Any sustained meme-stock rally still seems unlikely, cautions one group of analysts, who posit traders will likely 'rush to lock in profits before it's too late.'
the firm has not complied with regulatory requirements as it has yet to file a quarterly report for the period ending November 26; if Bed Bath & Beyond, which says it's"working diligently" on the report, doesn't submit a plan to regain compliance before March 13, the stock could be delisted from the Nasdaq exchange.
Retail traders may be hoping for a repeat of what happened to Hertz in 2020, says analyst Justin McQueen of trading platform Capital.com, referring to the embattled car rental service whose shares skyrocketed more than 800% after it filed for bankruptcy. As the firm struggles to survive, McQueen acknowledges Bed Bath & Beyond's stock is a likely target for a short squeeze, in which highly shorted shares skyrocket as traders plow into a stock and drive up prices, but he warns the company's rally is being"driven by hype" rather than financials, which poses a"significant risk to buyers," especially if the retailer does file for bankruptcy.
Other analysts have been similarly cautious: Morgan Stanley investment chief Michael Wilson on Monday warned this year's stock market rally looks particularly vulnerable because it's been led by"low-quality, heavily shorted" stocks like Bed Bath & Beyond, AMC and GameStop, which are up 46%, 49% and 25% this year, respectively.
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