Bed Bath & Beyond stock drops 18% after Ryan Cohen plans to unload huge stake

By Wallace Witkowski

Bed Bath & Beyond Inc. shares fell more than 18% in the extended session Wednesday after GameStop Corp. Chairman Ryan Cohen disclosed he’s planning to sell his big stake in the company just months after he bought it.

Bed Bath & Beyond shares ended after-hours trading down 18.3%, following an 11.8% rally in the regular session to close at $23.08.

In a filing with the Securities and Exchange Commission and in a Form 144 filing, Cohen’s RC Ventures announced plans to sell its stake in Bed Bath & Beyond, which comes to 7.8 million shares owned, and call options that require RC to register 9.5 million shares for sale, or nearly 12% of the company’s 80 million outstanding shares.

The stake was just bought back in March , when shares were trading around $16.

Ryan, who is also co-founder of online pet-products retailer Chewy Inc. /zigman2/quotes/212690528/composite CHWY +1.81% , was voted to chair GameStop /zigman2/quotes/203755179/composite GME -6.50% in June 2021.

/zigman2/quotes/212690528/composite

Add to watchlist CHWY

Chewy Inc. Cl A

US : U.S.: NYSE

$ 18.59

+0.33 +1.81%

Volume: 6.90M

Oct. 2, 2023 4:00p

P/E Ratio

161.65

Dividend Yield

N/A

Market Cap

$7.86 billion

Rev. per Employee

$556,806

/zigman2/quotes/203755179/composite

Add to watchlist GME

GameStop Corp. Cl A

US : U.S.: NYSE

$ 15.39

-1.07 -6.50%

Volume: 6.09M

Oct. 2, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

$5.02 billion

Rev. per Employee

$528,518