Not all so-called meme stocks like Gamestop and AMC Entertainment Holdings rocket in value.,
shares of bed Bath and Beyond Prove it with a double-digit drop last year and more in 2022.
That red ink may have sparked a buying flurry by insiders at the home goods retailer. Executives and a director bought shares worth nearly half a million dollars on January 7.
Bed Bath & Beyond stock (ticker: BBBY) fell 18% in 2021, while the S&P 500 index was up 27%,
Shares are down 5.2% so far in 2022, compared to a 0.8% drop in the index. This week, Bed Bath & Beyond stock was trading as low as $12.51, its lowest price since September 2020.
Chief Financial Officer Gustavo Arenal led the purchase, $207,150 paid for 15,000 shares, an average per-share price of $13.81. According to a form filed with the Securities and Exchange Commission, Arenal now owns 333,196 Bed Bath & Beyond shares.
Bed Bath & Beyond did not respond to requests for comment, making Arnelle or any insider who bought the stock available for comment. Arnal recently bought the stock in November, when he Paid $255,550 for 12,500 shares, each has an average price of $20.44.
Rafeh Masood, Executive Vice President and Chief Customer Officer, Paid $98,000 for 7,000 Bed Bath & Beyond shares, an average per-share price of $14. He now holds 153,391 shares. This was the first open-market stock purchase for Masood. Joined Bed Bath & Beyond in May 2020, Most of the shares they hold are from grants from restricted stock units, or RSUs.
director Joshua Schechter Paid $83,160 for 6,000 shares, average price $13.86 each. He now holds 35,087 shares. Schechter, a private investor, last bought the stock in April 2021, when he Paid $75,000 for 3,000 shares, an average price per share of $25.02.
Joe Hertsig, Executive VP and Chief Business Officer, Paid $68,900 for 5,000 shares, an average price per share of $13.78. They now have 221,528 Bed Bath & Beyond shares. This was the first open-market stock purchase for Hertsig, who joined the company in March 2020. Most of the shares held by him are from grants from RSUs.
The Inside Scoop features a regular baron covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Because of their insider positions, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.