Market News

Bed, Bath & Beyond (NASDAQ:BBBY) Stock Nosedives After CFO’s Demise

Bed, Bath & Beyond (NASDAQ:BBBY) shares are down today after its Executive Vice President and CFO Gustavo Arnal fell to his death from the 18th floor of a tower in Manhattan on September 2.

The troubled retailer recently announced a restructuring amid financial woes. BBBY shares have been on a rollercoaster recently after the stock caught the fancy of meme stock enthusiasts.

BBBY’s recent announcements of headcount reduction by about 20% and plans to decrease its owned brands have impacted investor sentiment in the stock which is now down 43% so far this year.

Today, the company has named Laura Crosses as its interim CFO. Crossen will continue to act as BBBY’s Chief Accounting Officer while also filling in the shoes of Gustavo Arnal.

What Is the Short Interest in BBBY?

Despite the nearly 71.5% drop in the share price over the past year, short interest in BBBY is running high at close to 40% at present. This indicates shares could slump further if bears gain an upper hand in the stock.

Analysts too, have a consensus rating of Strong Sell on BBBY and the average price target of $4.18 implies the Street expects the stock to fall a further 41.7% from current levels.

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