Will Carl Icahn step in to save the shares of Bed Bath & Beyond (BBBYQ)?

This week, one question continues to plague retail investors: can we Bed bath and beyond (OTCMKTS:BBBYQ) to be saved? However, a better question might be whether BBBYQ stock is beyond redemption. My answer to this? A resounding Yes.

Since this fallen meme stock was delisted Nasdaq After declaring Chapter 11 bankruptcy, BBBYQ shares struggled to regain momentum. Considering it’s currently down over 86% so far this year, it’s hard to have much faith in Bed Bath. Lately, however, the stock has risen on speculation about the involvement of a high-profile investor.

Bed Bath & Beyond is preparing for a stalking horse offer, scheduled for June 1st. This could allow a motivated buyer to take control of the struggling business. Earlier this week, speculation grew that Ryan Cohen might throw his hat in the ring. Now, however, investors are also wondering if Carl Icahn will step in.

Could Carl Icahn Save BBBYQ Stocks?

Usually, when Carl Icahn comes knocking on a company’s door, it’s not a good sign. The notorious “corporate raider” rose to prominence in the 1980s for his strategy as an activist investor, taking large positions in struggling companies and demanding significant change, often sending stocks into an “Icahn elevator ” Consequently. With that in mind, it makes sense that Icahn could take a stand in the struggling Bed Bath & Beyond. An Icahn lift would actually be one of the few things that could help the BBBYQ stock.

To be clear, however, Icahn hasn’t released any statements indicating he’s interested in Bed Bath & Beyond. A Reddit post a few months ago explained why it might be, citing Icahn’s ties to Newell Brands (NASDAQ:NWL), a publicly traded consumer goods company whose products are sold at Bed Bath outlets. Per the Reddit post:

“Some of you may already know that Carl Icahn’s West Point Home brands are sold at BBBY, but a lesser known fact is that Carl Icahn is invested in Newell and his son sits on the board there- down. In his latest interview with Forbes, Icahn discusses how hard it is to find synergies and how they search for the hidden gem in a business. Icahn Enterprises is already well known, invested and successful in this sector.

In January, a Looking for Alpha contributor also reported that this theory has gained popularity.

It is not difficult to understand why. When a company is in deep trouble and shows no signs of recovery, it’s natural to hope for a hero to step in to help boost your investment. But in this case, there’s no real evidence that Icahn has any interest in Bed Bath & Beyond.

Investors shouldn’t be too bullish unless Icahn expresses some interest or takes steps to get involved. Unless that happens, BBBYQ stock is likely to quickly return to its typical pattern of decline.

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At the date of publication, Samuel O’Brient held (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.