Ryan Cohen Cashed In On Bed Bath Beyond Stock For More Than 58 Million. Stocks Are Falling Again

A filing with the Securities and Exchange Commission made public after markets closed Thursday showed Cohen sold his entire stake in Bed Bath & Beyond BBBY, -19.63% in Tuesday’s and Wednesday’s regular sessions. An SEC filing made public Wednesday afternoon showed that Cohen’s RC Ventures planned to sell its stake, which it picked up in the first quarter amid an activist campaign by Cohen. Shares of Bed Bath & Beyond fell 19.6% in regular trading Thursday and then plunged 45% in after-hours trading. According to Thursday’s filing, Cohen sold 7.78 million shares at weighted average prices ranging from $18.68 to $29.22, after buying them in the first quarter of the year at weighted average prices ranging from $13.08 to $17.25. His stock sales brought in $58.65 million, according to Dow Jones Market Data Group calculations. Cohen also disposed of the options he held in Bed Bath & Beyond, making a profit of nearly $95,000 on those trades, according to Dow Jones Market Data Group. Cohen is known for founding the online pet shop Chewy Inc. CHWY, -4.68% , and became an investor favorite on Reddit after jumping into embattled retailer GameStop Inc . GME, -6.39% , where he now serves as chairman. When he switched to Bed Bath & Beyond stock earlier this year, he sent the company’s board a letter asking for specific changes to its turnaround plan, including a narrower focus and a possible spinoff. In its own SEC filing Thursday morning, Bed Bath & Beyond offered a statement regarding media inquiries about Cohen’s filing that said, “We are pleased to have reached a constructive settlement with RC Ventures in March and we are committed to maximizing value for all shareholders. “ “We continue to execute on our priorities to strengthen liquidity, make strategic changes and improve operations to win back customers and increase cost efficiency. all to restore our company to its legacy as the ultimate home destination for all concerned,” the statement said. “In particular, we have been working rapidly in recent 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 upcoming presentations on its investor relations page. The company last reported quarterly earnings in late June, when it announced a new chief executive and bigger-than-expected losses. Despite the retail chain’s struggles, shares of Bed Bath & Beyond have rallied in recent weeks. It more than tripled in August by Thursday’s close, up 268.8%. is up 27% year-to-date, compared with the S&P 500 SPX, +0.23% down 10%.

title: “Ryan Cohen Cashed In On Bed Bath Beyond Stock For More Than 58 Million. Stocks Are Falling Again Klmat” ShowToc: true date: “2022-11-23” author: “Jonathan Pollard”

title: “Ryan Cohen Cashed In On Bed Bath Beyond Stock For More Than 58 Million. Stocks Are Falling Again Klmat” ShowToc: true date: “2022-10-30” author: “Colleen Watkins”

title: “Ryan Cohen Cashed In On Bed Bath Beyond Stock For More Than 58 Million. Stocks Are Falling Again Klmat” ShowToc: true date: “2022-12-06” author: “Fred Newell”

title: “Ryan Cohen Cashed In On Bed Bath Beyond Stock For More Than 58 Million. Stocks Are Falling Again Klmat” ShowToc: true date: “2022-12-15” author: “Joanne Zaleski”