Business

Ryan Cohen cashed in shares of Bed Bath & Beyond after winning over $58 million; Stocks plummet again

Ryan Cohen cashed in shares of Bed Bath & Beyond after winning over $58 million;  Stocks plummet again
Written by admin

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

A filing with the Securities and Exchange Commission, released after market close Thursday, showed Cohen sold his entire Bed Bath & Beyond
BBBy,
-19.63%

Share of Tuesday and Wednesday regular trading sessions. An SEC filing was released Wednesday afternoon revealed that Cohen’s RC Ventures planned to sell its stakethe it emerged in the first quarter amid an activist campaign by Cohen.

Shares of Bed Bath & Beyond fell 19.6% in regular trading on Thursday and then plunged 45% in after-hours trading.

Therefore Thursday delivery, Cohen sold 7.78 million shares at weighted average prices ranging from $18.68 to $29.22 after buying them at weighted average prices ranging from $13.08 to $17.25 during the first quarter of the year. The sale of the shares netted him $58.65 million, according to calculations by the Dow Jones Market Data Group.

Cohen also sold call options he owned on Bed Bath & Beyond, taking nearly $95,000 in profit on those trades, according to Dow Jones Market Data Group.

Cohen is best known for founding the online pet store Chewy Inc.
CHWY,
-4.68%
,
and became an investor favorite on Reddit after jumping into struggling retailer GameStop Inc.
GME,
-6.39%
,
where he now serves as chairman. When he bought Bed Bath & Beyond stock earlier this year, he was sent a letter to the company’s board of directors requesting specific changes to its turnaround planincluding a narrower focus and a potential spin-off.

in the its own SEC filing On Thursday morning, Bed Bath & Beyond issued a statement in response to media inquiries about Cohen’s filing, which said, “We were pleased to have reached a constructive agreement with RC Ventures in March and are committed to delivering value to all shareholders.” to maximize.”

“We continue to execute on our priorities to improve liquidity, make strategic changes and improve operations to win back customers and increase cost efficiencies; everything to restore our company to its heritage as the best home destination for all stakeholders,” the statement said. “In particular, over the past few weeks we have worked expeditiously with external financial advisers and lenders to strengthen our balance sheet, and the company will provide more information in an update later this month.”

Bed Bath & Beyond does not list any future presentations on its Investor Relations page. The company last reported quarterly results in late June it announced a new CEO and bigger-than-expected losses.

Despite the retail chain’s woes, shares in Bed Bath & Beyond have been heating up in recent weeks. It more than tripled in August by Thursday’s close, up 268.8%; It’s up 27% year-to-date compared to the S&P 500
SPX,
+0.23%

10% decrease.

About the author

admin

Leave a Comment