Shares of Bed Bath & Beyond Inc. began trading over the counter Wednesday after the Nasdaq started the delisting process for the bankrupt home-goods retailer and sometime meme-stock darling. Trading under the ticker BBBYQ, Bed Bath & Beyond
BBBYQ,
+43.51%
shares opened at 7.5 cents Wednesday and ended the session up 30.4% at 9.8 cents. The stock is up 43% Thursday and is trading at 14 cents. This, of course, is a far cry from Bed Bath & Beyond’s Nasdaq heyday. Trading under the ticker BBBY, the stock closed at a record $80.48 on Jan. 3, 2014, after adjusting for four 2-for-1 stock splits along the way.
Related: Nasdaq kicks off Bed Bath & Beyond delisting process Nonetheless, Bed Bath & Beyond’s pink-sheets performance has sparked plenty of chatter on social media. “So far OTC doesn’t seem that bad to me,” tweeted @STONKMASTA2K on Thursday.
“Remember I said OTC is the best thing that could happen to a stock,” tweeted @MrDavidNIO early Thursday.
“$BBBYQ popular name is now in OTC land, looks interesting here. took small amount for now,” tweeted @anthony68402534.
Some users urged caution, however, in how the stock should be handled in over-the-counter trades. “$bbbyq those of you new to otc don’t do market sells sheesh rookies lol,” tweeted @snmarlin.
The home-goods retailer’s bankruptcy came after a troubled couple of years marked by strategic missteps, cash burn, challenging underlying business trends and the impact of the COVID-19 pandemic. Also read: Bed Bath & Beyond: From home-goods behemoth to bankruptcy Once a staple of the U.S. retail landscape, Bed Bath & Beyond was founded by Warren Eisenberg and Leonard Feinstein and opened its first two stores in 1971, in Springfield, N.J., and Cedarhurst, N.Y. The company grew exponentially over the following decades, opening its 100th store, in Irvine, Calif., in 1996 and its 200th, in Palm Beach Gardens, Fla., less than three years later. Bed Bath & Beyond went public in June 1992, and the stock closed at a split-adjusted $1.06 on its first day. At the time of its IPO, Bed Bath & Beyond had a market capitalization of $288 million, which rose to a high of $17.4 billion in June 2012, according to Charlie Bilello, chief market strategist at wealth-management company Creative Planning.
Under the ticker BBBY, the company’s market cap was $44.1 million Wednesday. Trading under BBBYQ, Bed Bath & Beyond’s market cap was $54.7 million Thursday.
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