He is aggressive and is all about making a profit. But at the end of the day, he is a venture capitalist and an activist investor. He’s been a martyr for GameStop and a strong supporter of retail traders. Here’s the thing, Cohen doesn’t owe anything to anyone. How was I supposed to know that a meme stock legend would undercut his loyal followers and take a profit on his trade? It barely has enough cash to stay in business and is making razor thin margins on its products. Why? The company’s finances and fundamentals are terrible. Last week I wrote up Bed Bath and Beyond as one meme stock to avoid. Even if the rumors of some of his profits going to Bed Bath and Beyond are true, it still does not help the thousands of retail investors that are holding major losses on the position. Retail traders are understandably mad that Cohen, a hero amongst the meme stock community, would show such a clear example of paper hands. This caused a 40% drop in the price of the stock which has now erased nearly all of the gains made during the squeeze this week. If you are unsure of what happened, let’s just say that GameStop (NYSE:GME) Chairman Ryan Cohen put an end to the frenzy by selling his 10% stake in Bed Bath and Beyond. Of course none of us could have predicted the unimaginable conclusion to the Bed Bath and Beyond (NASDAQ:BBBY) short squeeze that happened this week. I’m not one to say I told you so, and I will never celebrate when retail traders are left holding the bag. Bed Bath and Beyond (BBBY) Short Squeeze Ends Abruptly
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