714% in one day: The BBBY stock metric you should watch
There are many metrics meme stock investors like to monitor as they decide whether to buy or sell.
The online Stonk-o-tracker tool, for example, monitors things like how many shares of a company are available for short sellers to borrow, reverse repurchase agreements and, of course, the share price.
Bed Bath and Beyond (NASDAQ:BBBY) has just been added to the Stonk-o-tracker, which was already monitoring the meme stock OGs Gamestop (NYSE:GME) and AMC Entertainment Holdings (NYSE:AMC).
However, there is a much simpler metric that gives us a good idea of where a stock might be headed.
That metric is also publicly available to everyone.
It’s on Google Trends.
The search data
For those who aren’t aware, Google Trends offers a free tool where you can check how many Google searches are being made worldwide (or indeed more locally) for any given topic.
Analysis of the search term ‘BBBY stock’ shows the number of searches across the globe rose 714% last Monday, August 8. Take a look at the graph:
You’ll see the number of searches peaking from August 7 to August 8, as Bed Bath and Beyond began to emerge as the latest target of Reddit investors.
Here you can see a correlation between that spike in Google searches, and the BBBY share price:
The BBBY stock is up 161% in a month, leaving institutional investors somewhat baffled, given the company has not announced any significant news.
Comparisons to AMC and GME
Google Trends also allows to monitor how many times people are searching for BBBY in comparison to AMC and GME. Take a look:
BBBY stock is now being searched nearly as much as GME, with AMC still out in front.
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