Shares of retail store company Bed Bath & Beyond skyrocketed by around 50% in trading on Wednesday after many meme stocks rallied.
The stock had been showing positive signs after the retailer said it would float three private label brands during this quarter, putting an important element of its overhaul strategy before its original schedule.
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Moreover, the stock kept gathering momentum, keeping up with a frenzy that was boosting the value of stocks like AMC Entertainment and BlackBerry as well on Wednesday afternoon.
This year, Bed Bath & Beyond’s shares have increased by around 118%, providing it with a market value of more than $4.2 billion.
Some of the profits have been aided by retail investors who have been fixing speculative bets on many of its heavily shorted stocks.
The company is trying to overhaul its performance. It has left noncore businesses, shut down underperforming stores and is making use of the store brands as a way to garner shoppers with products that can only be brought at Bed Bath & Beyond.