5 Stocks to Watch Like $BBBY
Tuesday was a day to remember. BBBY soared to $28 but got halted by the circuit breakers. Later in the afternoon, an institutional fund dumped its entire BBBY stake and put a lot of selling pressure on the stock.
The good news is apes like us bought up these shares and now BBBY shares are above $25 during premarket.
For those of you wondering if it’s too late, just remember Bed Bath & Beyond trades under a $2 billion market cap. It’s best to consider the entire value of the company not just the share price.
With over $7 billion in annual sales, I’m not worried about the price now and still consider it a strong buy.
Earnings Calendar for This Week
Source: Earnings Whispers
5 Stocks to Watch for Wednesday August 17th 2022
Bed Bath & Beyond (NASDAQ: BBBY)
Kirklands (NASDAQ: KIRK)
Fubo (NYSE: FUBO)
Canoo (NASDAQ: GOEV)
Lowes (NYSE: LOW)
Bed Bath & Beyond (BBBY)
Yesterday’s volume was 395 million shares and BBBY would have soared past $30 if Freeman Capital Management hadn’t dumped its entire 4,968,000 shares.
BBBY is following GME’s 2021 movement very closely and could hit as high as $40 today. If history repeats itself then I also expect a massive runup on Thursday.
The shorts haven’t covered yet and BBBY short interest is still over 50%. Ryan Cohen is official an BBBY insider with over 9 million shares owned, which means the float shrunk quite a bit.
We could see a lot of bullish activity over the next 3 days. I’m still holding my shares and call options.
Kirklands (KIRK)
There are a ton of short squeeze plays out there but I’m only interested in undervalued stocks with high short interest and attractive P/S ratios.
Kirklands is a small niche retailer that sells home decor items like Bed Bath & Beyond.
Kirklands fits the bill with its $59 million market cap and 0.14 P/S ratio. The company made some key changes including replacing the CFO and launching a new cost control plan.
KIRK short float is 25% but I do believe the stock is undervalued. I’m still focusing on BBBY but now KIRK is on my radar.
FuboTV (FUBO)
FUBO shares finished up 44% on Tuesday after a positive Investor’s day event. The company offers online streaming TV cable & sports packages.
Fubo could disrupt the cable TV industry as more people cut the cord and transition to streaming TV.
I’ve liked this stock for a while and it looks decent under $10.
Canoo (GOEV)
Canoo CEO Tony Aquilia purchased 200,000 GOEV shares at an average cost basis of $3.99. I mentioned in last week’s newsletter how much I like Canoo’s EV design plus its partnership with Walmart. It looks like GOEV stock has bottomed and I expect a potential 10x over the next few years as they scale production and build a name for themselves in the EV industry.
Kohls (KSS)
Target and Lowes both reported good earnings reports this morning. Lowes is the last big box retailer to report this week. No retailer has posted a terrible report so perhaps the economy is doing better than expected.
Lowes reports earnings on Thursday before market opening.
What’s Next?
I’m holding my BBBY shares and waiting for a breakout past $30 resistance.
That’s all for now. Thanks for reading and check out my site, InvestorTrip.com, for more articles and insights.