Bed Bath & Beyond (NASDAQ: BBBY) launched three new Owned Brands this quarter, but the real boost for its stock price came from Reddit.
The retail investing community is stronger than ever, as the COVID-19 pandemic led to a shift in the investing world. Nowadays, investors acting in unison can move the markets easily, as seen in the Reddit community. While most of the price action is based on speculation, here are some reasons to own Bed Bath & Beyond stock.
Firstly, it has a strong gross profit margin of 35.61%, higher than the sector median. Secondly, its cash from operations also exceeds the sector median, exceeding $250 million. Thirdly, it quickly recovered the pandemic-led decline in growth and now stands ready to benefit from the reopening of the American economy.
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What is Bed Bath & Beyond Stock?
Bed Bath and Beyond is an American corporation operating in the home furnishing retail industry. It has over a thousand stores in fifty American states and Canada. Headquartered in Union, New Jersey, the company employs over 37,000 people. Its stock made headlines recently as it jumped 60% on the back of brand launch news coupled with interest from the retail community organised on Reddit.