Bed, Bath & Beyond shares fall more than 10% after investor Cohen reveals intent to sell stake

1 month ago

Signs people a Bed Bath & Beyond store successful Somerville, Massachusetts.

Brian Snyder | Reuters

Bed Bath & Beyond shares fell much than 10% successful extended trading Wednesday aft activistic capitalist Ryan Cohen said helium intends to merchantability his full involvement successful the retailer done his steadfast RC Ventures.

According to a Form 144 that was filed Wednesday with the Securities and Exchange Commission, RC Ventures intends to merchantability 9.45 cardinal shares of the company, which is the full magnitude it holds successful Bed Bath. A Form 144 acts an authoritative announcement of a projected information sale.

Representative for RC Ventures and Bed Bath didn't instantly respond to CNBC's petition for comment.

The meme banal craze has recovered caller life in caller weeks, and Bed Bath has been the superior beneficiary. As of Wednesday's close, the banal was up 58% truthful acold this year, easy outpacing the broader market.

Shares of the user goods retailer are up much than 300% successful August alone, with dense trading volume.

The banal saw trading of astir 400 cardinal shares connected Tuesday and different 249 cardinal shares connected Wednesday, according to FactSet.

Bed Bath & Beyond has besides been acold and distant the astir mentioned banal connected Reddit's Wall Street Bets leafage implicit the past week, according to 3rd enactment information supplier Quiver Quantitative.

—CNBC's Jesse Pound contributed to this reporting.

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