(Bloomberg) -- Retail investors are betting that activist investor Ryan Cohen can strike again in his push for a shake-up at Bed Bath & Beyond Inc.
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The home goods retailer was the most bought company on Fidelity’s trading platform as individuals piled in. Buy orders hit 4,317, more than the next two most bought stocks combined -- Imperial Petroleum Inc. and Apple Inc.
Bed Bath & Beyond shares soared as much as 86%, the biggest jump on record, with interest in the company apparent on popular retail trader websites like Reddit’s WallStreetBets and Stocktwits. BBBY was the most mentioned ticker on both forums as investors cheered the letter from Cohen’s RC Ventures.
The activity is a reversal of recent price action, as day traders broadly shunned the once hot meme stock over the last month, selling more than $1 million of the Union, New Jersey-based company’s shares, according to Vanda data.
Monday’s rally drove a group of 37 retail-trader favorites tracked by Bloomberg higher by 3.3%. Despite the bounce, the basket remains down roughly 20% this year with losses more than doubling those suffered by the S&P 500 Index.
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