Investor Ryan Cohen has confirmed that he sold his entire stake in retailer Bed Bath & Beyond Inc., and shares plummeted in after-hours trading for a second consecutive day Thursday.
A filing with the Securities and Exchange Commission that was made public after markets closed Thursday showed that Cohen had sold his entire Bed Bath & Beyond
stake in the regular trading sessions on Tuesday and Wednesday. An SEC filing made public Wednesday afternoon showed that Cohen’s RC Ventures planned to sell its stake, which it accrued in March amid an activist campaign from Cohen.
According to Thursday’s filing, Cohen sold 7.8 million shares at weighted average prices ranging from $18.68 to $29.22, and also dumped related call options. Bed Bath & Beyond shares fell 19.6% in regular trading Thursday, then plunged more than 20% in after-hours trading.
Cohen is known for founding online pet shop Chewy Inc.
and became a favorite of investors on Reddit after jumping into struggling retailer GameStop Inc.
for which he now serves as chairman.
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