Bed Bath & Beyond shares jump 92% as meme stock soars

External shower bed (BBBY) shares jumped 92% to close at $5.86 on Monday as the recent rally in the near-bankrupt retailer continued to gain momentum. Shares jumped as much as 120% during the session.

According to data compiled by S3 Partners, the struggling retailer’s stock is heavily shorted, with short selling interest on BBBY representing about 53% of the float.

Outdoor shower bed was trying to save cash when it was on the verge of bankruptcy after accumulating more than $1 billion in debt and losses at the end of 2022.

Company warning in a recent regulatory filing it received a default notice from JPMorgan and did not have enough money to pay its loans.

Meme stocks in general have rallied in price over the past month due to a number of transactions reminiscent of “”meme fever” of the year 2021 has back in popularity so far this year.

GameStop (GME) up 29% year-to-date and AMC (AMC) shares are up 68% since the start of 2023. On Monday, AMC briefly paused due to volatility as the stock rallied as much as 19%. Shares closed 11% higher on Monday.

Shares of Bed Bath & Beyond hit a 52-week low of $1.27 on January 6, with shares more than quadrupling since then.

Investors have taken a risk-on approach over the past month, with AI-related securities join the beaten tech names as the biggest winners alongside meme names from last year.

Artificial intelligence maker (artificial intelligence) rose 6% on Monday, while smaller, lesser-known names like (BBAI) spiked 18% and voice-over AI company SoundHound (sound) spiked 42%.

Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

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