Bed Bath & Beyond stock skyrockets: Meme stock regains momentum

Bed Bath & Beyond shares skyrocketed Tuesday in another dizzying rally for the meme stock.

What’s happening: Retail traders — many of them sharing their enthusiasm for Bed Bath on Reddit's WallStreetBets forum — drove the shares up as much as 79% shortly before noon.

• The stock, which has enjoyed previous rallies from meme stock traders, closed up 29.1% at $20.65.

State of play: RC Ventures — the VC arm of Ryan Cohen, chair of fellow meme stock GameStop — disclosed late Monday that it had acquired 1.67 million Bed Bath call options expiring in January 2023 at a strike price ranging from $60 to $80.

• The disclosure renewed investor interest in the retailer, which has been reeling from years of challenges.