Benzinga | Nov 3, 2021 11:00AM EDT

Why GameStop Shares Are Rising

GameStop Corp. (NYSE:GME) shares are trading higher in sympathy with Bed Bath & Beyond and other popular Wall Street Bets stocks following announcements from Bed Bath & Beyond.

Bed Bath & Beyond announced a strategic collaboration with The Kroger Co (NYSE:KR) to directly offer Kroger customers a selection of goods focused on home and baby products through Kroger.com, as well as a small-scale physical store pilot.

Bed Bath & Beyond also announced the launch of a new digital marketplace to build on the home and baby categories.

"The marketplace will expand its assortment of key products from a highly curated selection of third-party brand partners that will be seamlessly integrated into the Bed Bath & Beyond digital platform," according to the company.

Lastly, Bed Bath & Beyond said it expects to complete its $1 billion three-year share repurchase plan by the end of fiscal-year 2021, which is two years ahead of schedule.

According to data from Swaggy Stocks, GameStop is the 2nd-most-mentioned ticker on the popular subreddit WallStreetBets.

According to data from Benzinga Pro, GameStop has a total share float of 46.52 million, of which 7.67 million shares are sold short.

See Also: You Ask, We Analyze: Why GameStop's Stock Looks Set To Advance Another Level

GameStop is a U.S. multichannel video game, consumer electronics and services retailer. GameStop sells new and second-hand video game hardware, physical and digital video game software and video game accessories.

GameStop has a 52-week high of $483 and a 52-week low of $5.69.