![]() If not for the sign, she wouldn’t have gone into Bed Bath & Beyond, Morris said. The retail investors hatched their plan on Reddit chat groups, sending the stock price of struggling firms such as GameStop and AMC to unimaginable heights during the pandemic.STAMFORD – Jen Morris was on her way to Staples in the Ridgeway Shopping Center to buy printer paper Tuesday when she saw a bright red sign outside Bed Bath & Beyond. An official document for Freeman Capital Management LLC.Īnalysts attribute the rise in stock price to the meme stock craze in which retail investors drive up the share price in order to force hedge funds who have shorted the stock to either cut their losses and sell or buy up more shares - thus inflating the stock price further. ![]() On Wednesday alone, the stock soared 11.8% on heavy volume. Since the start of the month, shares in the company have rose more than 300%. Nonetheless, Bed Bath & Beyond stock has exploded in recent weeks. The underwhelming earnings report triggered the ouster of Mark Tritton as chief executive officer. In late June, the company released an earnings report which showed that its year-over-year revenue and net income numbers for the previous quarter fell considerably. When he was 16 years old, Freeman co-wrote a paper alongside Volaris founder Vivek Kapoor, a former Credit Suisse executive, titled “Irreducible Risks of Hedging a Bond with a Default Swap.”Īfter buying up Bed Bath & Beyond stock last month, Freeman sent a letter to the company’s board of directors, warning that the retailer was “facing an existential crisis for its survival” and that it needed to “cut its cash-burn rate, drastically improve its capital structure, and raise cash.” Scott Freeman, who is a former pharmaceutical executive.īed Bath & Beyond NYC customers ‘devastated’ after bankruptcy filingīed Bath & Beyond files for bankruptcy protection after long struggleīed Bath & Beyond races to raise capital with bankruptcy filing likely in coming daysīed Bath & Beyond shares hit record low after another bankruptcy warningįreeman has also interned at Volaris Capital, a New Jersey-based hedge fund. “I thought this was going to be a six-months-plus play…I was really shocked that it went up so fast.”įreeman said that the initial $25 million stake that he bought in the company was made possible by raising money from friends and family.įreeman told FT that he has been investing alongside his uncle. “I certainly did not expect such a vicious rally upwards,” Freeman told FT. ![]() ![]() Jake Freeman owned $130 million worth of stock. Jake Freeman bought 5 million shared of Bed, Bath & Beyond. Regulatory filings reviewed by Financial Times showed that Freeman sold more than $130 million worth of stock using his TD Ameritrade and Interactive Brokers accounts. On Tuesday, the stock price soared to more than $27 a share. He owned around 6% of the company as a result of his investment. Jake Freeman, who is studying applied mathematics and economics at the University of Southern California, bought 5 million shares in Bed Bath & Beyond in July at just under $5.50 a share. A 20-year-old college student made $110 million by selling his stake in retailer Bed Bath & Beyond after the company’s stock price surged over a one-month period this summer - an echo of last year’s “meme stock” boom.
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