BBBY Stock Forecast: Bed Bath & Beyond extends losses and closes out a volatile week of trading

NASDAQ:BBBY fell by 0.92% during Friday’s trading session.
The future remains muddled for Bed Bath and Beyond as its turnaround plan disappoints.
AMC and APE reverse course while GameStop extends its slide to close the week.

Stocks Reporter FXStreet

NASDAQ:BBBY fell for the fourth straight day on Friday, closing out a tumultuous week of trading for the recently squeezed meme stock. Shares of BBBY slumped by a further 0.92% and closed the trading week at a price of $8.63. It brought the total losses for the week to more than 25%. Stocks closed Friday on a down note as the major averages all fell below water after a positive start to the day. This marks the third consecutive week of losses for Wall Street. Overall, the Dow Jones lost 337 basis points, the S&P 500 fell by 1.07%, and the NASDAQ dropped for the sixth straight day and posted a 1.31% loss for the session.

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Since Bed Bath and Beyond revealed its turnaround strategy on Wednesday, the stock has fallen off of a cliff. Investors have clearly seen the light with the business, as store closures and staff layoffs will likely not be enough to save the company over the long-term. Given the recent undisclosed stock sale by the company and the way that Ryan Cohen sold his stake in BBBY, it seems unlikely now that a further short squeeze will be able to save BBBY like it did for AMC (NYSE:AMC).

BBBY stock price

AMC did manage to snap its recent losing streak on Friday as did its preferred share counterpart APE (NYSE:APE). The two stocks rose by 3.50% and 8.28% respectively on no news from the company. One interesting note: an analyst at MKM Partners has reiterated the Sell rating for AMC and lowered the price target to just $0.50. GameStop (NYSE:GME) was in the green for most of the day but closed the session lower by 0.98% and marked the fourth consecutive losing day for the stock.

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