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Bloomberg
Bed Bath & Beyond Inc shares tumbled as much as 44% in premarket trading, giving back much of this month’s huge gains, after top investor Ryan Cohen exited his stake.
The stock traded down 41% at $10.98 in New York, putting the retailer on course for its worst day since going public
in 1992.
Cohen’s RC Ventures sold millions of shares at a range of prices from $18.68 to $29.21, according to a filing with the US Securities and Exchange Commission. The sales came after an early August surge as retail investors piled in amid a broader revival in meme stocks. This week’s intraday high of $30 was almost six times above where the shares started the month.
“The ailing retailer’s share price rise of late has defied logic,†said Danni Hewson, an analyst at AJ Bell. Cohen exiting his stake “has upended the board.†Shares of other meme-stock darlings also slid on Friday, with GameStop slumping 11% and AMC Entertainment Holdings down 6.7% in premarket trading.