Written by Moneypig Trading Inc. on Aug 17, 2022
$BBBY Short Squeeze & Gamma Squeeze
Best Bath & Beyond is a distressed American retailer, and its stocks (NYSE $BBBY) have been heavily shorted (short interests: 36% based on yahoo finance. 52% based on some other real-time private data sources). The stock has recently been spotlighted on Reddit and CNBC due to the ongoing epic short squeeze and gamma squeeze (Figure 1). Want to learn about short squeeze and gamma squeeze? Check out our Youtube education video about what is short squeeze and gamma squeeze (https://youtu.be/YGhIbHY3OEM).
Figure 1: $BBBY Current Daily Chart & $GME Jan 2021 Daily Chart
Why Did $BBBY Sell-Off in the Power Hour Today?
Today $BBBY tanked heavily into the market close and after market hours (Figure 2), as investors speculate that one of the largest $BBBY investors, Ryan Cohen, who also reformed another distressed retail GME, might have sold 9.45M shares of $BBBY.
Figure 2. $BBBY 15 mins Chart on Aug 17, 2022
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Did RC Ventures Sell Their $BBBY Positions?
However, looking at the SEC Form 144 filing on Aug 16, 2022 here (you have to download the zip file and look for the PDF file name "020214 BedBathANDBeyondInc RCVenturesLLC 20220816.pdf"), or we attached the form in Figure 4:
Figure 4: RC Ventures Form 144 Filing on Aug 16, 2022
The highlight of the Form is "the potential sale of up to" in Figure 5, where it says RC Ventures might sell $BBBY stocks and long call options in the future, but they haven't sold any of them in the past three months.
Figure 5: Potential Sale
$BBBY Technical Analysis:
$BBBY has strong resistance at $25~$26, $27.2, and $30/share on the hourly chart (Figure 6). If $30 can hold, there is room for $45/share as it has been the weekly chart resistance and the highest option strike price for the current 2022 $BBBY options contracts. Downside EMA supports are $18.91, $15.48, $12.64, $9.72.
Figure 6. $BBBY Daily and Hourly Charts
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Just a quick disclaimer: Moneypig Trading (https://www.moneypigtrading.com/) is not a financial advisor. Please invest at your own risk. Also, we currently long $BBBY.