Bed Bath & Beyond is set to extend its rally on Tuesday, with the stock climbing by 9.2% in pre-market trading. In total, the stock has surged by 30% over the last two trading sessions.
This uptick comes as the struggling retail company seems set to complete a funding deal worth around $400 million. Bed Bath & Beyond management confirmed that it will hold a conference call on August 31 to provide a business and strategic update to stakeholders.
Victoria Scholar, head of investment at Interactive Investor said that investors are optimistic that the rumored funding deal will be announced during the conference call. “The fundamentals of the business remain rocky but its Reddit army of bulls have upheld its share price,” she commented.
Morgan Stanley geared up its clients for the call as well, explaining in a note that the most important item on the agenda for the update would be the announcement of potential funding for Bed Bath & Beyond.
Having debuted in 1992, Bed Bath & Beyond’s stock experienced its highest increase in August, surging by 165% following the decision of Ryan Cohen to sell his entire 9.8% stake in the company.