Bed Bath & Beyond surges 10% as meme traders pump the shares of the retailer in weeks-long rally

Bed Bath & Beyond stock jumped again on Monday as traders stayed bullish on the stock even as other meme stocks faded.

As of 9:30 am, shares were up 10% from the previous day's close.

In the last 14 sessions, the stock has gone up in 13 of them.

Much of that has been attributed to chatter about the meme-stock on the popular Wall Street Bets subreddit, where the stock has been the most- mentioned for the last seven days.

A user on Monday claimed to have put in $26,000 into the company using their college funds. The stock was expected to hit $20 by the end of the week.

The user said that the target would be a jump of 32% from today. I plan to buy dips all day long.

Half of the users who talked about Bed Bath & Beyond said they were betting on the stock dropping. The company just reported a net loss of $358 million in the last quarter, leading some analysts to believe that the retailer may be on its last legs.

In its last earnings report, the retailer said that it had been hit by high inflation and low demand.