Investor Ryan Cohen confirmed he had sold his entire stake in retailer Bed Bath & Beyond Inc. at a profit of more than $58 million, and the shares fell in after-hours trading for a second consecutive day on Thursday.
A filing with the Securities and Exchange Commission that was made public after markets closed on Thursday showed Cohen had sold his entire Bed Bath & Beyond
participate in regular Tuesday and Wednesday trading sessions. An SEC filing made public Wednesday afternoon showed that Cohen’s RC Ventures planned to sell its stakewho it built up in the first quarter amid an activist Cohen campaign.
Shares of Bed Bath & Beyond fell 19.6% in regular trading on Thursday, then plunged 45% in after-hours trading.
According Thursday deposit, 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 at $17.25. Selling the shares earned him $58.65 million, according to calculations by Dow Jones Market Data Group.
Cohen also dumped call options he held in Bed Bath & Beyond, profiting nearly $95,000 on those trades, according to Dow Jones Market Data Group.
Cohen is known for founding the online pet store Chewy Inc.
and became an investor favorite on Reddit after jumping into struggling retailer GameStop Inc.
of which he is now president. When he jumped into Bed Bath & Beyond stock earlier this year, he sent the company’s board of directors a letter requesting specific changes to its turnaround planincluding a narrower focus and potential spillovers.
In its own filing with the SEC On Thursday morning, Bed Bath & Beyond released a statement regarding media inquiries regarding Cohen’s filing which read, “We are delighted to have entered into 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 generate cost savings; all to restore our company’s legacy as the best destination for home, for all stakeholders,” the statement read. “Specifically, we have been working quickly over the past few weeks with outside financial advisors and lenders on strengthening our balance sheet, and the company will provide more information in an update later this month.”
Bed Bath & Beyond does not have any future presentations listed on its investor relations page. The company released its latest quarterly results at the end of June, when it announced a new chief executive and bigger-than-expected losses.
Despite difficulties in the distribution chain, Bed Bath & Beyond’s stock has warmed up in recent weeks. It more than tripled in August through Thursday’s close, rising 268.8%; it is up 27% since the start of the year, compared to the S&P 500