The O.G. meme stock, Tesla Inc (TSLA), sits at the head of the table and looks down at the wannabe and newcomers to the Twitter, Reddit, WallStreetBets meme world. GameStop Corp (GME) and AMC Entertainment Holdings (AMC) have taken up well earned seats at the meme table and now Bed Bath & Beyond Inc (BBBY) has made it the meme troika.

Bed Bath & Beyond (BBBY)

BBBY short interest is $70.22 million, 34.01 million shares shorted, 55.23% SI % Float, 98.32% stock loan utilization, 13.57% stock borrow fee on existing short positions, but over 50% stock borrow fee on new stock borrows.

We’ve seen an increase in shares shorted even as BBBY’s stock price has soared recently. This does not mean that there has not been a short squeeze in BBBY, because there have been many short sellers who have trimmed or closed out their positions due to excessive recent mark-to-market losses, it means that there are short sellers coming in to replace those that are exiting their trades. While existing short sellers were squeezed out when BBBY hit $10, $15 & $20 per share there were other traders who saw $10, $15 & $20 per share as attractive short-side entry points.

Over the last thirty days we saw 5.45 million new shares shorted, worth $113 million, a +19.1% increase in shares shorted as its stock price rose +316%. Over the past week we saw 1.67 million new shares shorted, worth $34 million, a +5.2% increase in total shares shorted as its stock price jumped +111%.

BBBY is up +25.4% in morning trading and shorts are down -$179 million in mark-to-market losses so far today. Today’s price move pushed August mark-to-market losses to -$688 million, a -210% return on an average short interest of $327 million. For the year, shorts are now down -$586 million in mark-to-market losses, down -203% on an average short interest of $289 million.

We expect the BBBY short squeeze to continue as mark-to-market losses continue to mount and more new short sellers getting in at these higher stock prices looking for a whipsaw of stock prices down. But with stock loan availability dwindling, we calculate that over 98% of stock loan availability, which is used to settle short trades, has already been taken down which leaves little room for new short positions in size.

AMC Entertainment Holdings (AMC)

AMC short interest is $2.28 billion, 92.06 million shares shorted, 17.85% SI % Float, 94.79% stock loan utilization, 7.32% Stock borrow fee on existing short positions and 6% to 7% on new stock borrows.

The AMC short squeeze is still going strong and over the last thirty days we saw 4.10 million shares of short covering, worth $102 million, a -4.3% decrease in shares shorted as its stock price rose +61%. Over the past week we saw 1.35 million shares of short covering, worth $33 million, a -1.4% increase in total shares shorted as its stock price rose +11%.

AMC is down -4.51% in morning trading and shorts are up +$103 million in mark-to-market profits so far today. Today’s price move reduced some of August’s mark-to-market losses with shorts now down “only” -$868 million for the month, a -42.9% return on an average short interest of $2.02 billion. For the year, shorts are now up +$268 million in mark-to-market profits, up +16% on an average short interest of $1.71 billion.

The AMC short squeeze will continue as long as stock prices stay at these levels, short sellers who were up over $1.1 billion in year-to-date mark-to-market profits, up +67% for the year at that time, are trimming positions in order to realize what is left of their early profits.

GameStop Corp (GME)

GME short interest is $2.43 billion, 57.70 million shares shorted, 22.59% SI % Float, 97.59% stock loan utilization, 22.57% Stock borrow fee on existing short positions and around the 20% fee level on new stock borrows.

The GME has joined AMC in the meme squeeze zone and over the last thirty days we saw 1.92 million shares of short covering, worth $81 million, a -3.2% decrease in shares shorted as its stock price rose +19%. Over the past week we saw 168 thousand shares of short covering, worth $7 million, a -0.3% decrease in total shares shorted as its stock price rose +4.5%.

GME is up +1.7% in morning trading and shorts are down an additional -$41 million in mark-to-market losses so far today. Today’s price move continues to increase August’s mark-to-market losses with shorts now down -$547 million, a -23.8% return on an average short interest of $2.30 billion. For the year, shorts are now down -$718 million in mark-to-market losses, down -42.7% on an average short interest of $1.68 billion.

GME continues to be a squeeze stock as short-side losses continue to climb. Short sellers with less conviction or with less stamina continue to exit or trim their positions. But if stock prices reverse you can be sure short sellers will re-spawn and jump back into the name.

Coinbase Global (COIN)

Pressing its nose against the window and looking to make the troika a golf ready foursome is Coinbase Global Inc (COIN).

COIN short interest is $2.36 billion, 26.09 million shares shorted, 17.56% SI % Float, 81.37% stock loan utilization, 3.57% Stock borrow fee on existing short positions and around the 3% fee level on new stock borrows.

COIN is a newer addition to the meme stock world and has also entered the meme squeeze zone. Over the last thirty days we saw 6.98 million shares of short covering, worth $631 million, a -21.1% decrease in shares shorted as its stock price rose +68%. Over the past week we saw 2.36 million shares of short covering, worth $214 million, an 8.3% decrease in total shares shorted as its stock price rose +3.1%.

COIN is down -4.8% in morning trading and shorts are up +$114 million in mark-to-market profits so far today. Today’s price move has trimmed August’s mark-to-market losses with shorts now down -$787 million, a -31.9% return on an average short interest of $2.47 billion. For the year, shorts are still up +$710 million in mark-to-market profits, up +47.9% on an average short interest of $1.48 billion.

COIN short sellers have been quick in exiting their positions over the last month as the short squeeze started turning mark-to-market profits into losses. Short sellers piled into their trades in May, and it looks like they are starting to exit at the same speed.

Meme stocks, and the retail long shareholders who have created them, continue to agitate, and confound the market, moving stock prices based on momentum and not necessarily on fundamentals. Meme stocks have not only been profitable for retail long shareholders but also for momentum and quant hedge funds who have also joined the fray. But while the retail side remains mostly on the long side, the hedge funds actively participate on both the way up and way down. Retail investors might hate the hedge funds, but unbeknownst to them they are sometimes standing side by side moving the market higher together. Unfortunately, if and when stock prices reverse downward, the retail side stands alone with their “diamond hands” as the hedge funds cross-over to the short-side of the market.