Ryan Cohen reveals plans to sell Bed Bath & Beyond shares, leaving meme stock traders behind

Bed Bath & Beyond shares fell more than 15% in aftermarket trading on Wednesday after that Jim Stop Chairman Ryan Cohen has revealed plans to sell his holdings in Mimi’s preferred stock.

In regulatory filing on TuesdayCohen’s venture capital and activist RC Ventures has said it plans to sell its entire 11.8% stake in Bed, Bath & Beyond within the next 90 days.

The investment company must give notice of the planned sale When he or his affiliates plan to sell more than 5,000 shares, or $50,000 worth of stock, this is not recorded through other filings.

Cohen first revealed that he owns a large stake in Bed Bath & Beyond through RC Ventures in early March.

Around the time of the initial investment, the president of GameStop, who is also the founder of the online pet store rubbery, wrote a letter to Bed Bath & Beyond management urging changes in the company. The activist’s stance eventually led to three of Cohen’s appointees joining the company’s board of directors, and Bed Bath & Beyond shares soared as a result, eventually reaching their all-time high of more than $27 in late March.

The stock then fell after investors began to retreat from riskier assets. But with the stock market soaring over the past month, Bed Bath & Beyond rebounded.

The retailer’s shares have surged more than 360% in the past month amid a rebound in the movement of meme stocks. Bed Bath & Beyond shares have consistently topped the list of most-traded names on Reddit’s Wall Street forum over the past few weeks, according to data from monkey wisdom.

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Bed Bath & Beyond also got a boost from regulatory filings Monday that showed Cohen had purchased more than 9.4 million shares of the company through RC Ventures, including more than 1.6 million in long-distance call options with strike prices ranging from $60. And $80.

Investors profit from call options when the price of the underlying asset rises, and when the strike price – the price at which traders can exercise their option – reaches $80, investors had the impression that Cohen was betting that the stock could rise above the closing price on Monday, just 16 dollars per share.

Those hopes were dashed on Wednesday with the new regulatory filing.

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