Meme stocks surged higher on Monday—with shares of Bed Bath & Beyond jumping nearly 40%, while GameStop and AMC also rallied—as retail traders bought up shares in a coordinated effort, causing some experts to warn that meme stock mania has made a comeback .
Brick-and-mortar retailer Bed Bath & Beyond rose roughly 35% to $11 per share on Monday as retail investors, including those from Reddit’s WallStreetBets discussion forum piled into the stock.
Bed Bath & Beyond added to a winning streak that has seen its shares rise for nine consecutive sessions, gaining more than 130% in that period.
Bed Bath & Beyond was the most-searched name on the WallStreetBets forum on Monday, per investing research platform Quiver Quantitative, while most users were posting in a discussion titled “GME, BBBY and AMC Memestock Megathread for Monday August 8th, 2022.”
Shares of other meme trades like GameStop and AMC rose in tandem on Monday, similarly getting a massive boost from Reddit traders and each rising around 8%.
Experts are now drawing comparisons to the meme stock mania of last year, when all three stocks surged higher thanks to an army of retail investors who drove up the share prices and squeezed many short-sellers.
The recent volatile price action is somewhat reminiscent of that in Hong Kong-based fintech firm AMTD Digital last week, which saw its shares rise over 125% in a single day before plunging nearly 40% the following session.