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Aug. 17, 2022, 11:47 p.m. EDT

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

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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 /zigman2/quotes/209801102/composite BBBY -1.64% 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 +1.63% , was voted to chair GameStop /zigman2/quotes/203755179/composite GME +0.99% in June 2021.

/zigman2/quotes/209801102/composite
US : U.S.: Nasdaq
$ 5.99
-0.10 -1.64%
Volume: 6.22M
Oct. 3, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$486.94 million
Rev. per Employee
$213,428
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/zigman2/quotes/212690528/composite
US : U.S.: NYSE
$ 31.22
+0.50 +1.63%
Volume: 2.63M
Oct. 3, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$12.99 billion
Rev. per Employee
$444,127
loading...
/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 25.38
+0.25 +0.99%
Volume: 2.65M
Oct. 3, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$7.65 billion
Rev. per Employee
$505,408
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