Ryan Cohen cashed out of Bed Bath & Beyond stock with more than $58 million profit; shares plunge again

Investor Ryan Cohen has confirmed that he sold his entire stake in retailer Bed Bath & Beyond Inc. for a profit of more than $58 million, and shares fell in after-hours trading for the second day in a row on Thursday.

A filing with the Securities and Exchange Commission, made public after the market closed on Thursday, revealed that Cohen sold his entire Bed Bath & Beyond to BBBY,
Share in the regular trading session on Tuesdays and Wednesdays. An SEC filing made public Wednesday afternoon revealed that Cohen’s RC Ventures plans to sell its stake, which was acquired in the first quarter amid an activist campaign from Cohen.

Shares of Bed Bath & Beyond fell 19.6% in regular trading on Thursday, then fell more than 20% in aftermarket trading.

According to Thursday’s filing, Cohen sold 7.78 million shares at weighted average prices of $18.68 to $29.22, after buying them at weighted average prices of $13.08 to $17.25 in the first quarter of the year. The sale of shares gave him a net profit of $58.65 million, according to Dow Jones Market Data Group calculations.

According to the Dow Jones Market Data Group, Cohen also dumped the call options he owned in Bed Bath & Beyond, taking a profit of about $95,000 on those trades.

Cohen’s online pet store Chewy Inc. Known for the establishment of CHWY,
and struggling retailer GameStop Inc. became an investor favorite on Reddit after jumping into GME,
where he now serves as chairman. When he jumped in Bed Bath & Beyond stock earlier this year, he sent a letter to the company’s board calling for specific changes to its turnaround plan, including a narrower focus and a potential spinoff.

In Filing Your Own SEC On Thursday morning, Bed Bath & Beyond offered a statement relating to media inquiries about Cohen’s filing that said: “We were pleased to have reached a constructive agreement with RC Ventures in March and created value for all shareholders.” Committed to maximizing

“We are continuing to execute on our priorities to increase liquidity, drive strategic changes and improve operations to win back customers and increase cost efficiencies; All in order to restore our company to its legacy as the best destination home for all stakeholders,” the statement said. “In particular, we have been working vigorously 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 later this month.”

There are no future presentations listed on Bed Bath & Beyond’s investor-relations page. The company last reported quarterly earnings in late June, when it announced a new chief executive and wider-than-expected losses.

Bed Bath & Beyond’s stock warmed in recent weeks, despite the retail chain’s struggles. It more than tripled by the end of Thursday in August, an increase of 268.8%; This is up 27% year to date compared to the S&P 500’s SPX,
10% drop.


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