Bed Bath & Beyond (BBBY) Crashing In The Wake Of Ryan Cohen Sold His Company Interest
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Summary:
- Ryan Cohen pulls out of BBBY.
- BBBY reported to have financial difficulty.
Bed Bath and Beyond Stock
Ryan Cohen, a meme stock influencer, is driving down the price of Bed Bath & Beyond. After it was revealed late Thursday that Cohen's RC Ventures sold his entire interest in Bed Bath & Beyond, shares of the severely ailing company plunged 35% at market open on Friday. Cohen, who also serves as the chairman of GameStop, owned around 11.8% of the business.
Cohen's departure concludes a wild trading week for a retailer who isn't too far from joining Sears, Kmart, Borders, and Circuit City in the afterlife. During Tuesday's intraday trading, the share price of Bed Bath & Beyond soared by about 70% as a result of a significant short squeeze. In a choppy day, BBBY stock ended the session up 29%. Prior to Cohen's statement during Thursday's session, shares had increased by another 17% from Tuesday's closing.
The latest rise in BBBY stock was a result of the meme community once more banding together to oppose institutional forces that hold opposing views on the stock and the core business. Cohen initially revealed a 9.8% ownership in the company in March.
When Yahoo Finance published a story on Monday about financial difficulty at Bed Bath & Beyond stores in New York, BBBY supporters responded with colorful commentary. B Riley downgraded its recommendation to Sell on Tuesday for Bed Bath & Beyond. This week, analysts at UBS and Wedbush confirmed their sell recommendations for the stock.
BBBY Price Chart
Sources: finance.yahoo.com
