• Sun. Sep 25th, 2022

After-Hours Alert: Why Bed Bath & Beyond Stock Is Plunging

ByAdam Eckert

Aug 18, 2022
After-Hours Alert: Why Bed Bath & Beyond Stock Is Plunging

Bed Bath & Beyond Inc BBBY shares are tanking in Thursday’s after-hours session after a new SEC filing confirmed that GameStop Corp GME chair Ryan Cohen sold his stake in the home furnishings retailer.

According to an amended 13D filing, Cohen now has a 0% stake in Bed Bath & Beyond after selling 9.45 million shares, which included several call options that were set to expire in January, 2023. The filing shows that a majority of the common stock was sold on Aug. 16. Cohen dumped the remaining shares, including all of his option contracts on Wednesday.

According to a Form 144 filing from earlier in the week, Cohen owned 7.78 million common shares, as well as 1,257 $60 strike call options, 444 $75 strike calls and 5,000 calls at the $80 strike. 

Although the Form 144 showing intent to sell had a notice date of Aug. 16, it was unclear if any shares had been sold. Thursday’s 13D confirms that Cohen has exited his position completely.

According to a separate SEC filing, Bed Bath & Beyond CFO Gustavo Arnal sold 55,013 shares of the company this week. However, the reported transactions were effected pursuant to a Rule 10b5-1 plan, which Arnal entered into in April.  

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BBBY Price Action: Bed Bath & Beyond has a 52-week high of $30.06 and a 52-week low of $4.38.

The stock was down 34.6% in after hours at $12.11 at press time, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.



Image and article originally from www.benzinga.com. Read the original article here.