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Ryan Cohen cashes out with more than $58 million in profits from Bed Bath & Beyond stock; Shares plunged again

Ryan Cohen cashes out with more than $58 million in profits from Bed Bath & Beyond stock;  Shares plunged again
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Investor Ryan Cohen confirmed he made a profit of more than $58 million by selling his entire stake in retailer Bed Bath & Beyond Inc., and shares fell for a second straight day in after-hours trading on Thursday.

A filing with the Securities and Exchange Commission after the market closed on Thursday revealed that Cohen sold his entire Bed Bath & Beyond business.
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Partnerships in regular trading sessions on Tuesdays and Wednesdays. An SEC filing was released Wednesday afternoon indicated that Cohen’s RC Ventures plans to sell its stakewhich It was deposited in the first quarter of an activist campaign by Cohen.

Bed Bath & Beyond shares fell 19.6% in regular trading Thursday, then fell 45% in after-hours trading.

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

According to the Dow Jones Market Data Group, Cohen also dumped call options he owned in Bed Bath & Beyond, making about $95,000 in profits on that trade.

Cohen is known for founding the online pet store Chewy Inc.
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And became an investor favorite on Reddit after jumping into struggling retailer GameStop Inc.
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Where he is currently serving as chairman. When he jumped into Bed Bath & Beyond stock earlier this year, he sent a letter to the company’s board seeking certain changes in its turnaround planwith a narrower focus and a possible spinoff.

inside own SEC filings On Thursday morning, Bed Bath & Beyond issued a statement in response to media inquiries about Cohen’s filing: “We are pleased to have reached a constructive agreement with RC Ventures in March and are committed to delivering maximum value for all shareholders.”

“We continue our priorities to increase liquidity, make strategic changes and improve operations and drive cost efficiencies to win back customers; To restore our company to its heritage as the best destination for homes, for all stakeholders,” the statement said. “In particular, we have been working rapidly over the past few weeks with external financial advisors and lenders to strengthen our balance sheet and the company this month. Will provide more information in an update at the end.”

Bed Bath & Beyond has no forward-looking statements listed on its investor-relations page. The company last reported quarterly earnings at the end of June, when It announced a new chief executive and massive-then-expected losses.

Despite the retail chain’s struggles, Bed Bath & Beyond’s stock has heated up in recent weeks. It has more than tripled in August since Thursday’s close, up 268.8%; That’s 27% higher than the S&P 500 year to date
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10% decline.

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