An army of retail traders drove up shares of meme stocks this week, led by a surge in Bed Bath & Beyond, as growing signs that inflation has peaked encouraged them to pick up shares at relatively “cheap” prices after the 2022 market slump.
Individual traders’ interest in Bed Bath & Beyond is reminiscent of trading in Hertz Global Holdings Inc and Revlon Inc, a move counterintuitive to conventional wisdom as investors risk losing their entire investment if an M&A deal fails to materialize. The U.S. consumer price inflation report on Thursday bolstered growing belief that inflation has peaked, helping revive the rally in highly-shorted meme stocks after rising interest rates dimmed the appeal for speculative trading last year.
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