Bed Bath & BeyondMark Tritton, Chief Executive Officer of the retailer said that the surging stock prices won’t stop the company’s turnaround plans. This includes an accelerated share purchase plan.

Tritton told CNBC that “We aren’t in this for the day-by-day, but we’re here for the long haul.” “Squawk on the Street.”“We have an assessment and evaluation process that will help us maximize shareholder value. Stocks shoot up to $27.32 It’s just a snapshot in time and is not part the long-term plan to continue investing at such levels.

Dienstag, the company made a flurry of announcementsThe tie-up also included the creation of a digital marketplace and a partnership with KrogerChanges in leadership. Bed Bath & Beyond also said it expects to complete a $1 billion share repurchase plan by the end of fiscal 2021, two years ahead of schedule.

The stock shot up more than 80 percent in extended trading. Bed Bath & Beyond shares opened Wednesday up 53%, hovering around $25.60. However, the massive gains started to fade by mid-morning and stock prices rose about 30%.

This sudden surge was most likely caused by the so-called short squeeze. In which hedge funds who had placed bets against the stock were made to panic and purchase back shares in order to reduce their losses, this led to the spike.

Bed Bath & Beyond has been among the most heavily shorted stocks in the country with 27% of its shares available for trading sold short. This is third among 1,500 largest U.S. stock, according to FactSet.

According to sentiment tracker, there was also an enormous jump in Reddit mentions after the bell. Swaggy Stocks. Bed Bath & Beyond was a meme crowd favorite earlier this year, joining the likes of GameStop and AMC Entertainment, before falling out of favor as the retail trading movement lost some momentum.

When asked if the company’s repurchase plans would be affected by the stock gyrations, Tritton said the company would act cautiously.

“We’ve seen this a few times before, unfortunately … where we see these spikes then a regrouping,” Tritton said. We’re not going waste shareholders’ money and our precious dollars.

The CEO said that “when things settle down we will have enough share prices to be in a position to buy ahead of our three-year trajectory.”

Many Wall Street banks also issued notes to their clients warning that Bed Bath & Beyond shares could fall, with some warning as much as 50%, after Wednesday’s runup.

—CNBC’s John MelloyThis reporting was contributed by you.