A 349% jump in shares comes as analysts downgrade the stock
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Short sellers hit with $662 million in paper losses this month
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The buying spree extended Tuesday as the stock soared as much as 79%, before trimming gains to 29% and closing at $20.65 after a pair of trading halts.
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The stock was the most actively traded company as 385 million shares changed hands, more than 20-times the three month average, Bloomberg data show.
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The rally has come even at least three Wall Street banks downgraded home-goods company and recommended investors sell the stock amid the “meme stock frenzy.”
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Susan Anderson at B Riley Securities earlier on Tuesday cut her rating to sell from neutral, and called the retailer’s $1.65 billion valuation “unrealistic.”
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Baird’s Justin Kleber downgraded shares last week, before the stock’s latest burst,
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warning the “fundamental risk/reward looks unattractive” with market share losses accelerating and the company burning cash.
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None of that stopped the surge in buying from the retail trading crowd which has pushed $99 million into the stock since July 26
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