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Ryan Cohen cashed in the shares of Bed Bath & Beyond for a profit of more than $58 million; stocks plunge again

Ryan Cohen cashed in the shares of Bed Bath & Beyond for a profit of more than $58 million;  stocks plunge again
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Investor Ryan Cohen has confirmed he sold his entire stake in retailer Bed Bath & Beyond Inc. for a profit of more than $58 million, with the stock tumbling in after-hours trading for a second day in a row on Thursday.

A Securities and Exchange Commission filing made public after markets closed Thursday showed Cohen sold all of his Bed Bath & Beyond.
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participation in the ordinary trading sessions on Tuesdays and Wednesdays. An SEC filing made public Wednesday afternoon showed that Cohen’s RC Ventures planned to sell his stakewhich racked up 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.

According to thursday presentationCohen 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. Sales of the shares brought in $58.65 million, according to calculations by the Dow Jones Market Data Group.

Cohen also dumped call options he held on Bed Bath & Beyond, making a profit of nearly $95,000 on those trades, according to the Dow Jones Market Data Group.

Cohen is known for founding the online pet store Chewy Inc.
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and became an investor darling on Reddit after entering struggling retailer GameStop Inc.
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where he now serves as president. When he jumped into Bed Bath & Beyond stock earlier this year, sent the company’s board a letter requesting specific changes to its restructuring planincluding a more limited approach and possible bypass.

In its own filing with the SEC On Thursday morning, Bed Bath & Beyond provided a statement related to media inquiries about Cohen’s filing saying, “We are pleased to have reached a constructive agreement with RC Ventures in March and are committed to maximizing value for all shareholders.

“We continue to execute on our priorities to improve liquidity, make strategic changes and improve operations to win back customers and drive cost efficiency; all to restore our company to its heritage as the ultimate home destination for all stakeholders,” the statement said. “Specifically, we have been working rapidly over the past few weeks with third-party financial advisors and lenders to strengthen our balance sheet, and the company will provide more information in an update later this month.”

Bed Bath & Beyond has no upcoming listings on its investor relations page. The company last reported quarterly earnings in late June, when announced a new CEO and higher-than-expected losses.

Despite the retail chain’s struggles, shares in Bed Bath & Beyond have risen in recent weeks. It more than tripled in August through Thursday’s close, rising 268.8%; is up 27% year-to-date, compared to the S&P 500
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10% drop.

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