Investor Ryan Cohen has confirmed that he has sold his entire stake in retailer Bed Bath & Beyond Inc. With a profit of more than $58 million, shares fell in after-hours trading for the second day in a row on Thursday.
A Securities and Exchange Commission filing released after markets closed Thursday showed Cohen sold his entire BBBY bed,
Share in the regular trading sessions on Tuesday and Wednesday. The SEC file was released to the public on Wednesday afternoon Show that Cohen’s subsidiary RC Ventures plans to sell its stakeWhich Accumulated in the first quarter amid an active campaign by Cohen.
Bed Bath & Beyond shares fell 19.6% in regular trading Thursday, then fell 45% in after-hours trading.
according to Thursday depositCohen sold 7.78 million shares at weighted average prices between $18.68 and $29.22, after buying them in the first quarter at weighted average prices ranging from $13.08 to $17.25. And his stock sales brought in $58.65 million, according to Dow Jones Market Data Group calculations.
Cohen also gave up his calling options at Bed Bath & Beyond, and made a profit of nearly $95,000 on those deals, according to the Dow Jones Market Data Group.
Cohen is best known for founding online pet store Chewy Inc. CHWY,
And it became a favorite of investors on Reddit after jumping into struggling retailer GameStop Inc. GME,
Where he now holds the position of Chairman of the Board of Directors. When it jumped into Bed Bath & Beyond stock earlier this year, it was Send a letter to the company’s board of directors requesting specific changes to the transformation planincluding a narrower focus and potential return.
in His SEC file On Thursday morning, Bed Bath & Beyond provided a statement regarding media inquiries about Cohen’s filing in which it said, “We were pleased to have reached a constructive agreement with RC Ventures in March and are committed to maximizing value for all shareholders.”
“We continue to implement our priorities to enhance liquidity, make strategic changes and improve operations to win back customers, and increase cost efficiencies. All to return our company to its legacy as the best destination for home, for all our stakeholders.” “Specifically, we have worked expeditiously over the past several weeks with external financial advisors and lenders to strengthen our balance sheet, and the company will provide more information in an update at the end of this month.”
Bed Bath & Beyond does not have any future presentations listed on its investor relations page. The company last posted a quarterly profit in late June, when Announced a new CEO and expected wider losses.
Despite the retail chain’s struggles, Bed Bath & Beyond inventory has heated up in recent weeks. more than tripled in August through Thursday’s close, up 268.8%; It’s up 27% year-to-date, compared to the S&P 500’s SPX,
10% dip.