A stupefying rally in
Bed Bath & Beyond Inc.’s
BBBY -40.54%
stock came skidding to a halt last week when one of the company’s biggest shareholders cashed out.
Now, a crowd of individual investors say they are hoping to ride out the worst of the selloff.
Even as Bed Bath & Beyond slumped Friday in its worst one-day pullback ever, individual investors continued to cheer the stock on social-media platforms like Reddit, Discord and
Twitter.
Many posted emojis of diamonds and hands—internet shorthand for someone who holds steadfast to their investments even when there is rising pressure to sell. Others tagged their posts with “HODL”: hold on for dear life.
Their message to the world? We aren’t giving up.
Wil Lobach, a 39-year-old investor from New Jersey, said he is hoping to use the selloff as a way to add to his Bed Bath & Beyond holdings.
He owns more than 250 shares of the struggling retailer. Having scooped them up at an average price of around $6.50, he is still up about 70% on his initial investment. Bed Bath & Beyond shares fell 41% Friday to $11.03.
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Mr. Lobach said the volatility in the stock last week did little to scare him. He also owns stakes in meme stocks
GameStop Corp.
and
AMC Entertainment Holdings Inc.
, both of which are also known for their wild swings.
“I’m proud of him,” Mr. Lobach said of billionaire investor
Ryan Cohen,
whose sale of his stake triggered the selloff in Bed Bath & Beyond’s shares last week.
Cohen’s “army is…
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