Yahoo Finance's Jared Blikre looks at how meme stocks, particularly Bed Bath & Beyond, are performing on Friday afternoon.
SEANA SMITH: Jared, I also want to bring up what we've seen in the meme stocks because that has really caught our attention. A lot of that action being driven by what we saw in Bed, Bath & Beyond. And a lot of that action being driven by the fact that Ryan Cohen exiting his entire stake in the company.
JARED BLIKRE: Yeah, 7.78 million shares. And let's see if I can find Bed, Bath & Beyond on this huge heat map we have. I got to tell you, it's been getting smaller and smaller. But here it is. I think I just found it. Down 44%. That is a 10 handle. It was only two days ago that we were trading at a 30 handle.
Now this goes back five years. Let me just bring this to a year-to-date chart, and you can really see the violence of this squeeze right here. And let's talk about what's been happening this week with those purchases. We had a bunch of call options being purchased not only by Ryan Cohen, but others, private investors as well, who have made a lot of money. And guess what? Ryan Cohen was able to sell all those shares into the market. And this is what happens to the price. I'm going to leave it at that.
But let's check out what's happened in other meme stocks this week. We can see Coinbase down 18%. Of course, that is levered to the crypto play. And if we sort by performance, we can see some more bad news here. The bottom row, everything is off about 25% to 30%. The worst, Arcimoto. That is down 71% year-to-date.