Bed Bath & Beyond’s latest meme stock moment won’t last, according to Telsey Advisory Group. The name surged this month as retail traders piled in, resulting in unusually high volume and outsized moves. Bed Bath & Beyond rose more than 250% in August but fell 42% in extended trading Friday morning after it was revealed that investor Ryan Cohen completed the sale of his entire stake at the company this week. Telsey Advisory Group expects the stock to hit $3 a share, down nearly 84% from Thursday’s close of $18.55. The price drop should come after disclosure of Cohen’s sale and Bed Bath & Beyond’s recent hiring of a law firm specializing in corporate restructuring, as well as the fact that the company has been working with financial advisors and lenders to strengthen your balance sheet, Telsey Advisory. Group wrote in a note on Friday. Telsey also pointed to recent second-quarter earnings reports from other retailers that serve Bed Bath & Beyond’s core consumer showing “a more challenging quarter, increased promotional activity in the home to eliminate excess inventory and the consolidation of trips towards discounts”. Those softer trends will make it harder for Bed Bath & Beyond to attract customers to stores and shed excess inventory, analysts said. “Overall, Bed Bath’s weak financial position, uncertain economic environment, leadership review, poor execution and lack of clear strategy keep us cautious on the stock,” they said. —CNBC’s Michael Bloom contributed reporting.