Bed Bath & Beyond jumped as meme stock traders piled in, encouraged by GameStop chairman Ryan Cohen placing another bet on the struggling retailer.
The new purchase grabbed the attention of retail traders on Reddit's WallStreetBets forum. The ticker BBBY became the most popular mention on the chat room Tuesday, according to alternative data provider Quiver Quantitative.
At the time, the GameStop chairman wrote a letter to Bed Bath's then CEO Mark Tritton saying he believed the home goods chain was struggling to reverse market share declines and navigate supply chain woes. He also urged the retailer to consider selling its Buybuy Baby chain.
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