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Cohen Confirms He Sold His Entire Bed Bath & Beyond Stake, Raising Eyebrows

Stock Markets Aug 18, 2022 04:54PM ET
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© Reuters Cohen Confirms He Sold His Entire Bed Bath & Beyond (BBBY) Stake, Raising Eyebrows
 
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By Investing.com Staff

Ryan Cohen confirmed he liquidated his entire 9.5 million shares stake in Bed Bath & Beyond (NASDAQ:BBBY) on Tuesday and Wednesday of this week.

An amended 13D filing from the SEC confirmed that Cohen's RC Ventures sold massive blocks of stock and call options over those two days, reaping windfall profits for Cohen.

The sales confirmed yesterday afternoon's Form 144 filing, which indicated that he was planning to sell the stock. Still, some meme stock speculators were holding out hope Thursday that it was just another head-fake from Cohen to draw short sellers in.

Cohen's activity in the stock has drawn much criticism. Today, ex-hedge fund manager, Whitney Tilson said he filed a complaint with the SEC about Cohen's trading in BBBY calling it "like a pump and dump." Tilson said this is the first time he has ever done this as Cohen's trading patterns on BBBY "stink to high heaven." Tilson cited Cohen filed recent Form 3 showing that he had bought far-out-of-money call options that expire in January with strike prices of $60, $75, and $80 per share, multiples of the $10 to $15 share price at the time. Cohen added fuel to the fire by filing an amended 13D showing that he owned 9.45 million shares of BBBY's stock. Tilson called Cohen's activity a "total disgrace!"

After falling 20% intra-day, Bed Bath & Beyond is down another 35% after-hours Thursday.

Cohen Confirms He Sold His Entire Bed Bath & Beyond Stake, Raising Eyebrows
 

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Comments (17)
Ab Yz
Ab Yz Aug 19, 2022 5:28PM ET
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He knows Bed Bath Beyond is garbage. Shouldn't woth more than $2 a share.
Nils Hullmann
Nils Hullmann Aug 19, 2022 3:21AM ET
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es is the definition of survivorship bias
Brook Buck
Brook Buck Aug 19, 2022 1:04AM ET
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People need to learn not to buy meme stocks
Hyun Lee
Hyun Lee Aug 19, 2022 12:07AM ET
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Ant’s trap.
Ryan Lennon
Ryan Lennon Aug 18, 2022 11:18PM ET
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they're his shares, he can sell them just like you. you guys pumped a genuinely garbage comapny and he took advantage. learn how to trade...
JIM VETTER
JIM VETTER Aug 18, 2022 6:28PM ET
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Massive manipulation. SEC needs to investigate.
JP DeLuca
JP DeLuca Aug 18, 2022 6:28PM ET
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SEC is in on most of the manipulations by picking and choosing what entities get to win or lose.
Tom Scheuermann
Tom Scheuermann Aug 18, 2022 6:25PM ET
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these hedge fund guys or whatever u want to call them know that dumb retail, of which there is many, will follow them into any woodchipper they want to get into. as they follow them in they pull out and make guaranteed profit.
ZS Beck
ZS Beck Aug 18, 2022 6:14PM ET
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I have no idea, why any big investors buy a stake in a dead-end company. It's beyond me.
Ryan Lennon
Ryan Lennon Aug 18, 2022 6:14PM ET
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just a bunch if gamblers hoping for WSB pumps, they'd be better spending money at a casino...
Ola Omoniyi
Ola Omoniyi Aug 18, 2022 6:14PM ET
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easy money
Ola Omoniyi
Ola Omoniyi Aug 18, 2022 6:14PM ET
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easy money
 
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