Bed Bath & Beyond Stock Plunged 11% After Ryan Cohen Files to Unload Stake

Tiger Newspress2022-08-18

Bed Bath & Beyond stock plunged 11% in premarket trading after a top investor Ryan Cohen suggested he has soured on the stock.Ryan Cohen’s RC Ventures said in a filing Tuesday with the US Securities and Exchange Commission that it might sell as much as 7.78 million shares of Bed Bath & Beyond, along with some call options. RC is the retailer’s second-largest holder after BlackRock Inc., according to data compiled by Bloomberg, with an 11.8% stake as of April 21.

Bed Bath & Beyond has risen more than 400% from a late-July low as retail investors embraced it. The company has fared less well on the fundamental side of things lately, dismissing former Chief Executive Officer Mark Tritton in June after another downbeat quarterly report.

Cohen had grown fed up with Tritton’s performance and pushed for his ouster, a person familiar with Cohen’s thinking said at the time, but continued to believe the company’s Buybuy Baby unit was a promising and undervalued asset. The filing suggests Cohen’s patience for a Bed Bath & Beyond turnaround is wearing still thinner.

RC Ventures and Bed Bath & Beyond didn’t immediately respond to requests for comment.

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Comments

  • 来人
    2022-08-19
    来人
    Ok
  • iNkwiziTs
    2022-08-18
    iNkwiziTs
    Like I say.. overheated 
  • Bs777
    2022-08-18
    Bs777
    Hahahahaha lies
  • SeaFalcon
    2022-08-18
    SeaFalcon
    Are they flushing out investors,? Then rebuy?
  • KINGVIC
    2022-08-18
    KINGVIC
    K
  • EdmundSan
    2022-08-18
    EdmundSan
    K
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